Disclosure of interest in contracts; abstention with respect to contract; validity of contract

Sec. 7. (a) Notwithstanding any other law to the contrary, a director does not violate any law, civil or criminal, if he: (1) has, or to his knowledge, may have or may later acquire a direct or indirect pecuniary interest in a contract with the bank; or (2) is an officer, member, manager, director, or employee of or has an ownership interest in any firm, limited liability company, or corporation that is or may be a party to the contract; if he discloses in writing to the bank the nature and extent of his interest as soon as he has knowledge of the interest and abstains from discussion, deliberation, action, and voting with respect to the contract. (b) Notwithstanding any provision of this article or any other law, a contract or transaction shall not be void or voidable because of the existence of an interest described in subsection (a), if the provisions of subsection (a) have been satisfied.