Any director or officer who assents to or participates in the making of any loan to a director or officer shall be personally liable to the corporation for the amount of the loan until the repayment thereof.
§ 53-8-29 NMSA 1978
Loans to directors and officers
Known as the Nonprofit Corporation Act
The act spans §§ 53–53 (106 sections).
1953 Comp., § 51-14-71, enacted by Laws 1975, ch. 217, § 29.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.