(1) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation.
(2) The fact that a loan or guaranty is made in violation of this section does not affect the borrower's liability on the loan.
Mont. Code Ann. § 35-2-435
Loans to or guaranties for directors and officers
Known as the Montana Nonprofit Corporation Act
The act spans §§ 35–35 (295 sections).
En
Official source: Montana Code Annotated (Montana Legislature). Reproduced from public-domain Montana statutes; confirm against the official source for the current text. Not legal advice.