N.Y. Private Housing Finance Law § 310: Restrictions

§ 310. Restrictions. Such corporation shall not deposit any of its

funds in any banking organization unless such banking organization has

been designated as a depository by a vote of the majority of all of the

directors of such corporation, exclusive of any director who is an

officer or director of the depository so designated. Such corporation

shall not make any loans other than those set forth in section three

hundred four hereof, and in no event shall the corporation make any

loans, directly or indirectly, to any of its officers or to any firms in

which any of its officers is an officer, director or stockholder. Such

corporation shall not receive money on deposit except that money held in

escrow pursuant to the provisions of subdivision three (c) (vii) B of

section three hundred four hereof, or otherwise, shall not be deemed to

be the receipt of money on deposit.