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.)
