N.Y. Mental Hygiene Law § 75.15: Members, officers, and directors

§ 75.15 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.