§31-18C-18. Prohibition of funds inuring to the benefit of or
being distributable to the directors or officers.
No part of the funds of the veterans' mortgage fund shall
inure to the benefit of or be distributable to the directors or
officers of the housing development fund or other private persons
except that the housing development fund shall be authorized and
empowered to pay reasonable compensation for services rendered, and
to make loans as previously specified in furtherance of its
purposes under this article: Provided, That no such loans shall be
made to and no property shall be purchased or leased from, or sold,
leased or otherwise disposed of to any director or officer of the
housing development fund.