No board member, administrator or other person having responsibility for the management of a joint public agency self-funded plan or the investment or other handling of plan funds shall:
(1) Receive directly or indirectly or be pecuniarily interested in any fee, commission, compensation, or emolument, other than salary or other compensation regularly fixed and allowed for services regularly rendered to the plan, arising out of any transaction to which the trust fund is or is to be a party;
(2) Receive compensation as a consultant to the plan while also acting as a board member or administrator, or as an employee of either; or
(3) Have any direct or indirect material pecuniary interest in any loan or investment of the trust fund.