(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.
Haw. Rev. Stat. § 414D-151
Loans to or guaranties for directors and officers
Known as the Hawaii Nonprofit Corporations Act
The act spans §§ 414–414 (182 sections).
L 2001, c 105, pt of §1
Official source: Hawaii State Legislature. Reproduced from public-domain Hawaii statutes; confirm against the official source for the current text. Not legal advice.