2009 North Carolina Code
Chapter 55A - North Carolina Nonprofit Corporation Act.
§ 55A-8-32. Loans to or guaranties for directors and officers.
§ 55A‑8‑32. Loans to or guaranties for directors and officers.
No loan, guaranty, or other form of security shall be made or provided by a corporation to or for the benefit of its directors or officers, except that loans, guaranties, or other forms of security may be made to full‑time employees of the corporation who are also directors or officers by action of its board of directors in accordance with G.S. 55A‑8‑31(a)(1). (1955, c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 17; 1993, c. 398, s. 1.)
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