N.Y. BNK Law § 516

§ 516. Restrictions on officers, directors and other employees. No\nofficer, director, clerk or other employee of any investment company,\nand no person in any way interested or concerned in the management of\nits affairs, shall as individuals discount, or directly or indirectly,\nmake any loan upon any note or other evidence of debt, which he shall\nknow to have been offered for discount to such corporation, and to have\nbeen refused. Every person violating the provisions of this subdivision,\nshall, for each offense, forfeit to the people of the state twice the\namount of the loan which he shall have made.\n No executive officer or director of any investment company shall\nborrow, directly or indirectly, from such investment company any sum of\nmoney if the transaction would not be permissible pursuant to\nsubdivision eight of section one hundred three of this chapter in the\ncase of an executive officer or director, as the case may be, of a bank\nor trust company.\n Vacancies in the board of directors occasioned by resignations, deaths\nor other cause shall be reported by each investment company to the\nsuperintendent within ten days after the event; and the investment\ncompany shall likewise report each election by the board to fill such\nvacancy with the name, address and occupation of the person elected and\nthe name of the person whose place he fills.\n