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2018 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 24 - Nonprofit Corporations--Records, Fiscal Affairs And Reports
§ 47-24-5 Loans to directors or officers--Liability for assenting to loan.
Universal Citation: SD Codified L § 47-24-5 (2018)
47-24-5. Loans to directors or officers--Liability for assenting to loan. No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof.
Source: SL 1965, ch 24, ยง 29.
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