(1) The board of regents and each state university board shall establish and adopt a code of ethics that shall apply to and govern the conduct of all appointed members of each board.
(2) Notwithstanding any other law to the contrary, by a two-thirds (2/3) vote of its membership, the board of regents and each state university board may remove any appointed member of the respective board for a material violation of the code of ethics.
(3) A board vote to remove one (1) of its members shall only be taken after the accused member has been afforded a due process contested case hearing in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, and a finding has been made that the member did violate the board's code of ethics.
(4) If a member is removed in accordance with this section, the position shall be considered vacant and the vacancy shall be filled as provided by law.