§ 255 — Members, officers and directors

§ 255. Members, officers and directors. 1. No member or director of a\ncommunity development corporation shall receive any salary or other\ncompensation for services, other than reimbursement of actual and\nnecessary expenses incurred in the performance of his duties. No member,\nofficer or employee of a community development corporation shall acquire\nany interest, direct or indirect, in any property then or thereafter\nincluded or planned to be included in a project, nor retain any interest\ndirect or indirect in any property acquired subsequent to his\nappointment or employment which is later included or to his knowledge\nplanned to be included in a project. If any member, officer or employee\nof any community development corporation owns or controls an interest\ndirect or indirect in any property included in a project, which was\nacquired prior to his appointment or employment, he shall disclose such\ninterest and the date of acquisition thereof in writing to the community\ndevelopment corporation and such disclosure shall be entered upon the\nminutes of the community development corporation.\n 2. The provisions of the not-for-profit corporation law shall govern\nmembership in community development corporations, qualification of\nvoters, meetings and notices thereof, and selection of officers and\ndirectors.\n