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Searching 2019-2020 Session

The Vermont Statutes Online

 

Title 11B : Nonprofit Corporations

Chapter 008 : DIRECTORS AND OFFICERS

Subchapter 003 : STANDARD OF CONDUCT

(Cite as: 11B V.S.A. § 8.32)
  • § 8.32. Loans to or guarantees for directors and officers

    (a) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation.

    (b) The fact that a loan or guarantee is made in violation of this section does not affect the borrower's liability on the loan. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)