§ 8.32.
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/vt/8-32-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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.)