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2022 New York Laws
NPC - Not-For-Profit Corporation
Article 7 - Directors and Officers
716 - Loans to Directors, Officers and Key Persons.

Universal Citation: NY Not for Profit Corp L § 716 (2022)
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§ 716. Loans to directors, officers and key persons.

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, officers or key persons, or to any other
  corporation, firm, association or other entity in which one or  more  of
  its  directors,  officers  or key persons are directors, officers or key
  persons 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.

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