(a) A board member or employee of a land bank, or a relative of a member or employee within the first degree of consanguinity or affinity, as determined by Chapter 573, Government Code, may not:
(1) acquire any direct or indirect interest in real property of the land bank, in any real property to be acquired by the land bank, or in any real property to be acquired from the land bank; or
(2) have any direct or indirect interest in any contract or proposed contract for materials or services to be furnished or used by the land bank.
(b) The provisions of the former Texas Non-Profit Corporation Act (Article 1396-1.01 et seq., Vernon's Texas Civil Statutes) related to powers, standards of conduct, and interests in contracts apply to the directors and officers of the land bank.
(c) The board may adopt supplemental rules addressing potential conflicts of interest and ethical guidelines for board members and land bank employees.