2011 Vermont Code
Title 11B Nonprofit Corporations
Chapter 8 DIRECTORS AND OFFICERS
§ 32 Loans to or guarantees for directors and officers


11B VT Stats § 8.32. (2011 through Adj Sess) What's This?

§ 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.)

Disclaimer: These codes may not be the most recent version. Vermont may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.