Loans to and guarantees of obligations of directors or officers
Known as the Indiana Nonprofit Corporation Act
The act spans §§ 23-17-10-1 to 23-17-9-2 (200 sections).
As added by P.L.179-1991, SEC.1.
Sec. 3. (a) A corporation may not:
(1) lend money to; or
(2) guarantee the obligation of;
a director or an officer of the corporation.
(b) A loan or guaranty that is made in violation of this section does not affect the borrower's liability on the loan.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.