N.Y. Private Housing Finance Law § 356: Members; officers and directors

§ 356. 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.