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2013 Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-6 - Rhode Island Nonprofit Corporation Act
Section 7-6-32 - Loans to directors prohibited.


RI Gen L § 7-6-32 (2013) What's This?

§ 7-6-32 Loans to directors prohibited. – No loans shall be made by a corporation to its directors. Any director who assents to or participates in the making of any loan is liable to the corporation for the amount of loan until its repayment.

History of Section.
(P.L. 1984, ch. 380, § 1; P.L. 1984, ch. 444, § 1.)

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