48-58-303 - Loans to or guarantees for directors and officers.
48-58-303. 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) This section does not apply to loans and guarantees authorized or permitted by any other statute which regulates any special class of corporation.
(c) Neither a sale on credit in the ordinary course of business nor a life insurance policy loan shall be subject to the restrictions of this section.
[Acts 1987, ch. 242, § 8.32.]