ยง 255. Members, officers and directors. 1. No member or director of a
community development corporation shall receive any salary or other
compensation for services, other than reimbursement of actual and
necessary expenses incurred in the performance of his duties. No member,
officer or employee of a community development corporation 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 to his knowledge
planned to be included in a project. If any member, officer or employee
of any community development corporation 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 community
development corporation and such disclosure shall be entered upon the
minutes of the community development corporation.
2. The provisions of the not-for-profit corporation law shall govern
membership in community development corporations, qualification of
voters, meetings and notices thereof, and selection of officers and
directors.