Statutes > Rhode Island Statutes > Title 7 - Corporations, Associations and Partnerships > CHAPTER 7-6 - Rhode Island Nonprofit Corporation Act > § 7-6-32 - Loans to directors prohibited.

§ 7-6-32 - Loans to directors prohibited.

SECTION 7-6-32

   § 7-6-32  Loans to directors prohibited.– No loans shall be made by a corporation to its directors. Any director whoassents to or participates in the making of any loan is liable to thecorporation for the amount of loan until its repayment.