355.421. Loans, guarantees for directors, officers.
74 words·~1 min read·
/mo/chapter-355/355-421A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
355.421. Loans, guarantees for directors, officers. — A corporation which qualifies for an exemption from federal income tax in accordance with U.S.C. 26 Sec. 501(c) may lend money to or guarantee the obligation of a director or officer of the corporation, provided that such loan does not exceed the lesser of twenty-five percent of the total assets of the corporation or two hundred and fifty thousand dollars.
--------
(L. 1994 H.B. 1095)
Effective 7-01-95