(a) A corporation may not lend money to or guaranty the obligation of a director or officer of the corporation.
(b) The fact that a loan or guaranty is made in violation of this section does not affect the borrower's liability on the loan.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Subtitle 3 - Corporations and Associations
Chapter 33 - The Arkansas Nonprofit Corporation Act of 1993
Subchapter 8 - Directors and Officers
§ 4-33-830. General standards for directors
§ 4-33-831. Director conflict of interest
§ 4-33-832. Loans to or guaranties for directors and officers