N.Y. Not-for-Profit Corporation Law § 1614: Conflicts of interest

§ 1614. Conflicts of interest.

No member of the board or employee of a land bank shall acquire any

interest, direct or indirect, in real property of the land bank, in any

real property to be acquired by the land bank, or in any real property

to be acquired from the land bank. No member of the board or employee of

a land bank shall have any interest, direct or indirect, in any contract

or proposed contract for materials or services to be furnished or used

by a land bank. The board may adopt supplemental rules and regulations

addressing potential conflicts of interest and ethical guidelines for

members of the board and land bank employees.