[§414D-151] Loans to or guaranties for directors and officers.
60 words·~1 min read·
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[§414D-151] Loans to or guaranties for directors and officers.
(a)A corporation may not lend money to or guaranty the obligation of a director or officer of the corporation.
(b)The fact that a loan or guaranty is made in violation of this section shall not affect the borrower's liability on the loan. [L 2001, c 105, pt of §1]