In accordance with this section, a school board: may adopt conflict of interest regulations applicable to officials and employees of the school system; and shall adopt conflict of interest regulations applicable to members of the school board. The conflict of interest regulations adopted by a school board under subsection (a)(1) of this section: shall be similar to the provisions of Subtitle 5 of this title; but in accordance with regulations adopted by the Ethics Commission and consistent with the intent of this title, may be modified to the extent necessary to make the regulations relevant to the prevention of conflicts of interest in that school system. The conflict of interest regulations adopted by a school board under subsection (a)(2) of this section: shall be equivalent to or exceed the requirements of Subtitle 5 of this title; but in accordance with regulations adopted by the Ethics Commission and consistent with the intent of this title, may be modified to the extent necessary to make the regulations relevant to the prevention of conflicts of interest in that school system. Unless a school board adopts and maintains conflict of interest regulations under subsection (a)(1) of this section, the provisions enacted by the county under § 5–808 of this subtitle shall apply to officials and employees of that school system.