(a)  Each director, officer and employee of the corporation is deemed to be an employee of the governor for purposes of Executive Order No. 91-1, dated January 1, 1991, as amended from time to time, and for the purposes of the Rhode Island Code of Ethics in Government, § 36-14-4 — § 36-14-7.

(b)  To the extent that the rules established under this subsection conflict with the rules of other agencies or government corporations, officers, directors and employees of the corporation, who are also subject to the conflict of interest or ethical rules of another agency or government corporation, are governed by the rules and regulations established by the corporation under this subsection when acting for or on behalf of the corporation.

(c)  If any director, officer, or employee of the corporation is interested either directly or indirectly, or is a director, officer, or employee of or has an ownership interest (other than as the owner of less than one percent (1%) of the shares of a publicly-held corporation) in any firm or corporation interested directly or indirectly in any contract with the corporation, that interest shall be disclosed to the corporation and set forth in the minutes of the corporation, and the director, officer, or employee having that interest shall not participate on behalf of the corporation in the authorization of any contract. Interested directors may be counted in determining the presence of a quorum at a meeting of the board of directors of the corporation, which authorizes the contract or transaction.