Committee members shall not serve on the board of directors or be employed by any entity that applies for funding through the committee or which receives funding upon recommendation of the committee.  For purposes of this section, each academic and administrative unit of the University of Missouri shall be considered a separate agency and each school of the Columbia Public School District shall be considered a separate agency. Any committee member who violates this section shall automatically forfeit the office. It shall be the duty of the committee chair to promptly notify the city council of the vacancy.