(a) A director appointed by a sponsor that has regulatory authority over an issue before the board shall:
(1) before a vote or decision on the issue, file an affidavit stating the nature and extent of the regulatory authority; and
(2) abstain from any further participation on the issue.
(b) A director required to file an affidavit related to an issue before the board under Subsection (a) may not:
(1) attend a closed meeting related to the issue; and
(2) vote on a matter related to the issue unless a majority of the directors are required to file an affidavit under Subsection (a) related to that issue.