A corporation which qualifies for an exemption from federal income tax in accordance with U.S.C. 26 Sec. 501(c) may lend money to or guarantee the obligation of a director or officer of the corporation, provided that such loan does not exceed the lesser of twenty-five percent of the total assets of the corporation or two hundred and fifty thousand dollars.
Mo. Rev. Stat. § 355.421
Loans, guarantees for directors, officers
Known as the Missouri Nonprofit Corporation Act
The act spans §§ 355–355 (165 sections).
Effective: 01 Jul 1995, see footnote; (L. 1994 H.B. 1095)
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.