Section 1416 - Purchases from, and sales to, directors, trustees, officers, employes or attorneys of institutions and affiliates(a) An institution shall not purchase any asset from, or sell any asset to, any director, trustee, officer, employe or attorney of the institution or of an affiliate of the institution except:(i) Upon terms not less favorable to the institution than those offered to other persons, and(ii) With the prior approval of a majority of all of the directors or trustees or members of an executive or other committee, other than a director or member of a committee having a direct or indirect personal interest in the transaction, unless the transaction is made in the regular course of business.(b) A violation of this section shall be subject to the penalty provisions of this act.1965, Nov. 30, P.L. 847, No. 356, § 1416.