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§712. Loans to directors and officers prohibited


Published: 2015

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§712. Loans to directors and officers prohibited






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. [1977, c. 525, §13 (NEW).]





SECTION HISTORY

1977, c. 525, §13 (NEW).