Loans to or guarantees for directors and officers

  1. Law
  2. Vermont Statutes
  3. Nonprofit Corporations
  4. Directors And Officers
  5. Loans to or guarantees for directors and officers

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§ 8.32. Loans to or guarantees for directors and officers

(a) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation.

(b) The fact that a loan or guarantee is made in violation of this section does not affect the borrower's liability on the loan. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)


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