(a) No director, officer, or employee of the Arkansas Economic Development Commission, for purpose of personal gain, shall have or attempt to have, directly or indirectly, any interest in any contract or agreement of the commission in connection with funding programs of the Division of Science and Technology of the Arkansas Economic Development Commission.
(b) It shall not be a conflict of interest for the commission to permit any college or university with which a director, officer, or employee of the commission is affiliated to participate in any program of the commission provided that such director shall promptly disclose the nature of the affiliation to the Executive Director of the Arkansas Economic Development Commission.