2009 Maine Code
TITLE 13-B: MAINE NONPROFIT CORPORATION ACT
Chapter 7: DIRECTORS AND OFFICERS
13-B §712. Loans to directors and officers prohibited
Title 13-B: MAINE NONPROFIT CORPORATION ACT
Chapter 7: DIRECTORS AND OFFICERS
§712. Loans to directors and officers prohibited
No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof. [1977, c. 525, §13 (NEW).]
SECTION HISTORY
1977, c. 525, §13 (NEW).
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