Loans to and Guarantees of Obligations of Directors or Officers

  1. Law
  2. Indiana Code
  3. Business and Other Associations
  4. Nonprofit Corporations
  5. Standards of Conduct for Directors
  6. Loans to and Guarantees of Obligations of Directors or Officers

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Sec. 3. (a) A corporation may not:

(1) lend money to; or

(2) guarantee the obligation of;

a director or an officer of the corporation.

(b) A loan or guaranty that is made in violation of this section does not affect the borrower's liability on the loan.

As added by P.L.179-1991, SEC.1.


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