2010 New York Code
BNK - Banking
Article 12 - (507 - 520)
516 - Restrictions on officers, directors and other employees.

§ 516.  Restrictions  on  officers,  directors and other employees. No
  officer, director, clerk or other employee of  any  investment  company,
  and  no  person  in any way interested or concerned in the management of
  its affairs, shall as individuals discount, or directly  or  indirectly,
  make  any  loan  upon any note or other evidence of debt, which he shall
  know to have been offered for discount to such corporation, and to  have
  been refused. Every person violating the provisions of this subdivision,
  shall,  for  each  offense, forfeit to the people of the state twice the
  amount of the loan which he shall have made.
    No executive officer or  director  of  any  investment  company  shall
  borrow,  directly or indirectly, from such investment company any sum of
  money  if  the  transaction  would  not  be  permissible   pursuant   to
  subdivision  eight  of  section one hundred three of this chapter in the
  case of an executive officer or director, as the case may be, of a  bank
  or trust company.
    Vacancies in the board of directors occasioned by resignations, deaths
  or  other  cause  shall  be  reported  by each investment company to the
  superintendent within ten days  after  the  event;  and  the  investment
  company  shall  likewise  report each election by the board to fill such
  vacancy with the name, address and occupation of the person elected  and
  the name of the person whose place he fills.