2015 New York Laws
NPC - Not-For-Profit Corporation
Article 7 - (Not-For-Profit Corporation) DIRECTORS AND OFFICERS
716 - Loans to directors and officers.

716. Loans to directors and officers.
No  loans,  other  than  through the purchase of bonds, debentures, or
  similar obligations of the type customarily sold in public offerings, or
  through ordinary deposit of  funds  in  a  bank,  shall  be  made  by  a
  corporation  to  its directors or officers, or to any other corporation,
  firm, association or other entity in which one or more of its  directors
  or  officers  are  directors or officers or hold a substantial financial
  interest, except  a  loan  by  one  charitable  corporation  to  another
  charitable  corporation.  A loan made in violation of this section shall
  be a violation of the duty  to  the  corporation  of  the  directors  or
  officers  authorizing  it  or participating in it, but the obligation of
  the borrower with respect to the loan shall not be affected thereby.