(a) No loans shall be made by a corporation to its directors or officers.
(b) The directors of a corporation who vote for or assent to the making of a loan to a director or officer and any officers participating in the making of the loan shall be jointly and severally liable to the corporation for the amount of the loan until repayment thereof.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 28 - Nonprofit Organizations
Subchapter 2 - Arkansas Nonprofit Corporation Act
§ 4-28-203. Applicability of subchapter
§ 4-28-204. Effect on preexisting corporations
§ 4-28-206. Articles of incorporation generally
§ 4-28-208. Private foundations — Amendment of articles of incorporation by operation of law
§ 4-28-211. Board of directors
§ 4-28-214. Registered agent — Service of process
§ 4-28-215. Compensation and reimbursement to members, directors, officers, etc
§ 4-28-216. Powers of Secretary of State
§ 4-28-217. Rules by state agencies applicable
§ 4-28-218. Books and accounting records
§ 4-28-219. Shares of stock and dividends prohibited
§ 4-28-220. Loans to directors and officers prohibited
§ 4-28-221. Admission of foreign corporation
§ 4-28-222. Involuntary dissolution
§ 4-28-223. Fees to be paid to Secretary of State