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2013 Mississippi Code
Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS
Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES
MISSISSIPPI NONPROFIT CORPORATION ACT
§ 79-11-282 - Restrictions on corporate loans; borrower's liability


MS Code § 79-11-282 (2013) What's This?

(1) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation.

(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.

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