New York Private Housing Finance Law
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.