§432C-4 Directors, officers of nonprofit entity; prohibition. (a) Directors or officers of a nonprofit entity are prohibited from directly benefiting from the conversion.
(b) No officer of the nonprofit entity who is employed by the nonprofit entity at the time the conversion application is submitted, at the time of conversion, or for a one-year period after conversion shall be employed by the for-profit entity. [L 1998, c 260, pt of §2]