Sec. 9. A member may advance or loan money to the corporation that may be returned or repaid to the member at a time and under a condition that the corporation and the member agree. However, upon return or repayment, the member may not receive more than the principal amount of the money advanced or loaned, together with reasonable interest at a rate that is not in excess of market rate, whether fixed or variable, otherwise available without premium to the corporation under the same circumstances at the time of the advance or loan.
Ind. Code § 23-17-7-9
Advancements or loans to corporation; return or repayment
Known as the Indiana Nonprofit Corporation Act
The act spans §§ 23-17-10-1 to 23-17-9-2 (200 sections).
Applied in 1 court decision — leading case In re Wabash Valley Power Ass'n (1995)
Most recently applied in In re Wabash Valley Power Ass'n (December 1995)
As added by P.L.179-1991, SEC.1.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.