§ 310. Restrictions. Such corporation shall not deposit any of its funds in any banking organization unless such banking organization has been designated as a depository by a vote of the majority of all of the directors of such corporation, exclusive of any director who is an officer or director of the depository so designated. Such corporation shall not make any loans other than those set forth in section three hundred four hereof, and in no event shall the corporation make any loans, directly or indirectly, to any of its officers or to any firms in which any of its officers is an officer, director or stockholder. Such corporation shall not receive money on deposit except that money held in escrow pursuant to the provisions of subdivision three (c) (vii) B of section three hundred four hereof, or otherwise, shall not be deemed to be the receipt of money on deposit.

Terms Used In N.Y. Private Housing Finance Law 310

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
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