N.Y. Private Housing Finance Law § 356

§ 356. Members; officers and directors. No member or director of a\ncompany shall receive any salary or other compensation for services as\nsuch member or director, other than reimbursement of actual and\nnecessary expenses incurred in the performance of his duties. No member,\nofficer, or employee of a company shall acquire any interest, direct or\nindirect, in any property then or thereafter included or planned to be\nincluded in a project, nor retain any interest, direct or indirect in\nany property acquired subsequent to his appointment or employment which\nis later included or planned to be included in a project. If any member,\nofficer or employee of any company owns or controls an interest, direct\nor indirect, in any property included in a project, which was acquired\nprior to his appointment or employment, he shall disclose such interest\nand the date of acquisition thereof in writing to the company and such\ndisclosure shall be entered upon the minutes of the company.\n