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This entry was published on 2014-09-22
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Members; officers and directors
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 7-A
§ 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.