Indiana Code
Chapter 13. Standards of Conduct for Directors
23-17-13-3. Loans to and Guarantees of Obligations of Directors or Officers

Sec. 3. (a) A corporation may not:
(1) lend money to; or
(2) guarantee the obligation of;
a director or an officer of the corporation.
(b) A loan or guaranty that is made in violation of this section does not affect the borrower's liability on the loan.
As added by P.L.179-1991, SEC.1.

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Structure Indiana Code

Indiana Code

Title 23. Business and Other Associations

Article 17. Nonprofit Corporations

Chapter 13. Standards of Conduct for Directors

23-17-13-1. Duties; Reliance on Statements of and Information Given by Others; Conditions for Liability; Director Not Trustee

23-17-13-2. Repealed

23-17-13-2.5. Contracts and Transactions in Which Member, Director, Officer, or Member of Designated Body Has Interest

23-17-13-3. Loans to and Guarantees of Obligations of Directors or Officers

23-17-13-4. Unlawful Distributions; Liability