Section 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.