(1) REQUIREMENTS FOR LOAN OR GUARANTEE. Except as provided in sub. (3), a corporation may not lend money to or guarantee the obligation of a director or officer of the corporation unless any of the following occurs:
(a) The particular loan or guarantee is approved by the members.
(b) The corporation’s board determines that the loan or guarantee benefits the corporation and either approves the specific loan or guarantee or a general plan authorizing loans and guarantees.
(2) EFFECT OF VIOLATIONS. A violation of this section does not affect the borrower’s liability on the loan.
(3) LIMITED APPLICABILITY. This section does not apply to an advance to a director or officer that is permitted by s. 181.0874 or 181.0877 (3) or that is made to defray expenses incurred by the director or officer in the ordinary course of the corporation’s business.