2006 Michigan Compiled Laws - Mich. Comp. Laws § 450.2548 Loan, guaranty, or assistance by corporation for officer or employee.
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Act 162 of 1982 450.2548 Loan, guaranty, or assistance by corporation for officer or employee. Sec. 548. Unless otherwise prohibited by law, a corporation may lend money to, or guarantee an obligation of, or otherwise assist an officer or employee of the corporation or of its subsidiary, including an officer or employee who is a director of the corporation or its subsidiary, when, in the judgment of the board, the loan, guaranty, or assistance may reasonably be expected to benefit the corporation. The loan, guaranty, or assistance may be with or without interest, and may be unsecured, or secured in such manner as the board approves. Nothing in this section shall be deemed to deny, limit, or restrict the powers of guaranty or warranty of a corporation at common law or under any statute.
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