Loans to directors and officers prohibited.

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

No loans shall be made by a corporation to its directors or officers. The directors of a corporation who vote for or assent to the making of a loan to a director or officer of the corporation, and any officer or officers participating in the making of such loan, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.

[ 1967 c 235 § 29.]


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