(i) Is exempt from the provisions of the State Finance and Procurement Article, the provisions of Division I of the State Personnel and Pensions Article that govern the State Personnel Management System, and the provisions of Division II and Title 37 of the State Personnel and Pensions Article; and

(ii) May carry out its corporate purposes without obtaining the consent of any department, board, or agency of the State.

(2) The Trust is subject to the provisions of the State Finance and Procurement Article to the extent of State appropriations or contracts or grants from a unit of State government, if any.

(b) (1) Subject to paragraph (2) of this subsection, the trustees and employees of the Trust are exempt from the provisions of the Public Ethics Law.

(2) (i) The Board shall adopt provisions to govern the public ethics of the trustees and employees of the Trust relating to conflicts of interest for nonprofit organizations.

(ii) The Trust shall keep on file and make available for public inspection at the principal office of the Trust a written copy of the conflict of interest provisions adopted under subparagraph (i) of this paragraph.