Section 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.