30-30-620. LOANS TO OR GUARANTEES FOR DIRECTORS AND OFFICERS. (1) Except with regard to loan or guarantee programs available to all members, a corporation may not lend money to or guarantee the obligation of a director or officer of the corporation, provided that a cooperative corporation may lend money to or guarantee the obligation of a director or officer with regard to loan or guarantee programs available to all members.
(2) The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan.
History:
[30-30-620, added 2015, ch. 243, sec. 79, p. 990.]
Structure Idaho Code
Chapter 30 - IDAHO NONPROFIT CORPORATION ACT
Part 6 - DIRECTORS AND OFFICERS
Section 30-30-601 - REQUIREMENT FOR AND DUTIES OF BOARD.
Section 30-30-602 - QUALIFICATIONS OF DIRECTORS.
Section 30-30-603 - NUMBER OF DIRECTORS.
Section 30-30-604 - ELECTION, DESIGNATION AND APPOINTMENT OF DIRECTORS.
Section 30-30-605 - TERMS OF DIRECTORS GENERALLY.
Section 30-30-606 - STAGGERED TERMS FOR DIRECTORS.
Section 30-30-607 - RESIGNATION OF DIRECTORS.
Section 30-30-608 - REMOVAL OF DIRECTORS ELECTED BY MEMBERS OR DIRECTORS.
Section 30-30-609 - REMOVAL OF DESIGNATED OR APPOINTED DIRECTORS.
Section 30-30-610 - VACANCY ON BOARD.
Section 30-30-611 - COMPENSATION OF DIRECTORS.
Section 30-30-612 - REGULAR AND SPECIAL MEETINGS.
Section 30-30-613 - ACTION WITHOUT MEETING.
Section 30-30-614 - CALL AND NOTICE OF MEETINGS.
Section 30-30-615 - WAIVER OF NOTICE.
Section 30-30-616 - QUORUM AND VOTING.
Section 30-30-617 - COMMITTEES OF THE BOARD.
Section 30-30-618 - GENERAL STANDARDS FOR DIRECTORS.
Section 30-30-619 - DIRECTOR — CONFLICT OF INTEREST.
Section 30-30-620 - LOANS TO OR GUARANTEES FOR DIRECTORS AND OFFICERS.
Section 30-30-621 - REQUIRED OFFICERS.
Section 30-30-622 - DUTIES AND AUTHORITY OF OFFICERS.
Section 30-30-623 - STANDARDS OF CONDUCT FOR OFFICERS.
Section 30-30-624 - RESIGNATION AND REMOVAL OF OFFICERS.
Section 30-30-625 - OFFICERS’ AUTHORITY TO EXECUTE DOCUMENTS.
Section 30-30-626 - INDEMNIFICATION OF OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS.