2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 7-A - (350 - 365) COMMUNITY SENIOR CITIZENS CENTERS AND SERVICES COMPANIES
356 - Members; officers and directors.

 
    §  356.  Members;  officers  and directors. No member or director of a
  company shall receive any salary or other compensation for  services  as
  such  member  or  director,  other  than  reimbursement  of  actual  and
  necessary expenses incurred in the performance of his duties. No member,
  officer, or employee of a company shall acquire any interest, direct  or
  indirect,  in  any property then or thereafter included or planned to be
  included in a project, nor retain any interest, direct  or  indirect  in
  any  property acquired subsequent to his appointment or employment which
  is later included or planned to be included in a project. If any member,
  officer or employee of any company owns or controls an interest,  direct
  or  indirect,  in any property included in a project, which was acquired
  prior to his appointment or employment, he shall disclose such  interest
  and  the  date of acquisition thereof in writing to the company and such
  disclosure shall be entered upon the minutes of the company.