Section 10.20.141. Loans to directors and officers prohibited.

Latest version.

A corporation may not make loans to its directors or officers.  A director or officer who assents to or participates in the making of such a loan shall be liable to the corporation for the amount of the loan until its repayment.

Notes

History

(Sec. 1 ch 99 SLA 1968)

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');