Loans to directors and officers prohibited
Known as the Alaska Nonprofit Corporation Act
The act spans §§ 10–10 (157 sections).
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.
Article 2. Formation of Corporations.
Official source: Alaska State Legislature. Reproduced from public-domain Alaska statutes; confirm against the official source for the current text. Not legal advice.