2013 Revised Code of Washington
Title 24 - CORPORATIONS AND ASSOCIATIONS (NONPROFIT)
24.03 Washington nonprofit corporation act.
24.03.140 Loans to directors and officers prohibited.
RCW 24.03.140 Loans to directors and officers prohibited.
No loans shall be made by a corporation to its directors or officers. The directors of a corporation who vote for or assent to the making of a loan to a director or officer of the corporation, and any officer or officers participating in the making of such loan, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.
[1967 c 235 ยง 29.]
Disclaimer: These codes may not be the most recent version. Washington 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.
