[§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]