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2019 Idaho Code
Title 30 - CORPORATIONS
Chapter 30 - IDAHO NONPROFIT CORPORATION ACT
Part 6 - DIRECTORS AND OFFICERS
Section 30-30-620 - LOANS TO OR GUARANTEES FOR DIRECTORS AND OFFICERS.
Universal Citation: ID Code § 30-30-620 (2019)
30-30-620. LOANS TO OR GUARANTEES FOR DIRECTORS AND OFFICERS. (1) Except with regard to loan or guarantee programs available to all members, a corporation may not lend money to or guarantee the obligation of a director or officer of the corporation, provided that a cooperative corporation may lend money to or guarantee the obligation of a director or officer with regard to loan or guarantee programs available to all members.
(2) The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan.
History:
[30-30-620, added 2015, ch. 243, sec. 79, p. 990.]
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