Except with the prior written consent of the commissioner, no association shall knowingly make:
(a) Any loan to any corporation of which 10 percent or more of the stock is owned or controlled individually or collectively by any one or more of the directors, officers, employees, or substantial stockholders of the association.
As used in this subdivision, “substantial stockholder” means a person who has a real or beneficial ownership of more than 10 percent of the outstanding stock of the association. For this purpose, stock owned by the person’s immediate family shall be deemed owned by that person.
(b) Any loan the proceeds of which are intended to inure to the benefit of any corporation specified in subdivision (a).