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This entry was published on 2014-09-22
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SECTION 310
Restrictions
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 7
§ 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.