No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof.
S.D. Codified Laws § 47-24-5
Loans to directors or officers--Liability for assenting to loan
Source: SL 1965, ch 24, § 29.
Official source: South Dakota Legislature. Reproduced from public-domain South Dakota statutes; confirm against the official source for the current text. Not legal advice.