(a) Notwithstanding any law to the contrary, any officer, director, or employee of any bank may serve in any capacity in state or local government, except in any capacity with the department, or on any board, commission, or other agency of the governmental unit; provided, that the officer, director or employee has:
(1) Disclosed to the chief executive officer of the bank and the board of directors of the bank the capacity in which the officer, director or employee is serving with the governmental unit; and
(2) Disclosed to the chief executive officer of the governmental unit and to the appropriate board, commission or other agency the relationship to the bank.
(b) Where there has been compliance with this section, the existence of the dual relationship shall not invalidate, or adversely affect, any sale, contract or other business transaction between the bank and the governmental unit.
(c) As used in this section, “bank” means any state or national bank, or state or federal savings and loan association, or credit union established pursuant to chapter 4 of this title.
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