2011 Vermont Code
Title 11B Nonprofit Corporations
Chapter 8 DIRECTORS AND OFFICERS
§ 32 Loans to or guarantees for directors and officers
§ 8.32. Loans to or guarantees for directors and officers
(a) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation.
(b) The fact that a loan or guarantee is made in violation of this section does not affect the borrower's liability on the loan. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)
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