There is a newer version of the Connecticut General Statutes
2009 Connecticut Code
Title 33 Corporations
Chapter 602 Nonstock Corporations
Sec. 33-1106. Liability for loans.
Sec. 33-1106. Liability for loans. Directors who vote for or assent to the making
of a loan to an officer or to a director of a corporation, or any officer or officers participating in the making of such loan, which loan is neither made in the usual course of the
corporation's affairs nor made primarily for a legitimate purpose of the corporation,
shall be jointly and severally liable to the corporation for the amount of such loan until
the repayment thereof.(P.A. 96-256, S. 78, 209.)
History: P.A. 96-256 effective January 1, 1997.
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