Loans to directors and officers prohibited

  1. Law
  2. Maine Revised Statutes
  3. MAINE NONPROFIT CORPORATION ACT
  4. DIRECTORS AND OFFICERS
  5. Loans to directors and officers prohibited

Checkout our iOS App for a better way to browser and research.

§712. Loans to directors and officers prohibited

No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof.   [PL 1977, c. 525, §13 (NEW).]

SECTION HISTORY

PL 1977, c. 525, §13 (NEW).


Download our app to see the most-to-date content.