The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
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.)
