[§432C-4]  Directors, officers of nonprofitentity; prohibition.  (a)  Directors or officers of a nonprofit entity areprohibited from directly benefiting from the conversion.

(b)  No officer of the nonprofit entity who isemployed by the nonprofit entity at the time the conversion application issubmitted, at the time of conversion, or for a one-year period after conversionshall be employed by the for-profit entity. [L 1998, c 260, pt of §2]