(a) Unless the governing documents provide otherwise, a protector has a duty to exercise his, her, or its powers solely in the interests of the foundation's purposes and the beneficiaries' interests.
(b) Unless the governing documents provide otherwise, a transaction not concerning the foundation or its property in which a protector engages in the protector's personal capacity or a person affiliated, related, or similarly associated with the protector engages does not violate the protector's duty under subsection (a) to the extent that:
(1) The protector discloses the transaction to the other protectors reasonably in advance of the transaction; and
(2) The transaction is fair to the foundation.
(c) A transaction not concerning a foundation's property in which a protector engages in the protector's personal capacity involves a conflict between personal and fiduciary interests if the transaction concerns an opportunity properly belonging to the foundation.