N.Y. Private Housing Finance Law § 255: Members, officers and directors

§ 255. Members, officers and directors. 1. No member or director of a

community development corporation shall receive any salary or other

compensation for services, other than reimbursement of actual and

necessary expenses incurred in the performance of his duties. No member,

officer or employee of a community development corporation 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 to his knowledge

planned to be included in a project. If any member, officer or employee

of any community development corporation 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 community

development corporation and such disclosure shall be entered upon the

minutes of the community development corporation.

2. The provisions of the not-for-profit corporation law shall govern

membership in community development corporations, qualification of

voters, meetings and notices thereof, and selection of officers and

directors.