N.Y. MHY Law § 75.15

§ 75.15 Members, officers, and directors.\n No member or director of a company shall receive any salary or other\ncompensation for services as such member or director, other than\nreimbursement of actual and necessary expenses incurred in the\nperformance of his duties. No member, officer, or employee of a company\nshall acquire any interest, direct or indirect, in any property then or\nthereafter included or planned to be included in a project, nor retain\nany interest, direct or indirect in any property acquired subsequent to\nhis appointment or employment which is later included or planned to be\nincluded in a project. If any member, officer, or employee of any\ncompany owns or controls an interest, direct or indirect, in any\nproperty included in a project, which was acquired prior to his\nappointment or employment, he shall disclose such interest and the date\nof acquisition thereof in writing to the company and such disclosure\nshall be entered upon the minutes of the company.\n