Sec. 9. A member may advance or loan money to the corporation that may be returned or repaid to the member at a time and under a condition that the corporation and the member agree. However, upon return or repayment, the member may not receive more than the principal amount of the money advanced or loaned, together with reasonable interest at a rate that is not in excess of market rate, whether fixed or variable, otherwise available without premium to the corporation under the same circumstances at the time of the advance or loan.
As added by P.L.179-1991, SEC.1.
Structure Indiana Code
Title 23. Business and Other Associations
Article 17. Nonprofit Corporations
Chapter 7. Members; Admission; Types of Memberships; Rights and Duties
23-17-7-1. Criteria or Procedures for Admission; Consent
23-17-7-2. Consideration for Admission
23-17-7-3. Corporations Without Members
23-17-7-4. Rights and Duties; Membership Classes
23-17-7-5. Transfer Rights; Restrictions
23-17-7-6. Liability for Acts or Debts of Corporation
23-17-7-7. Liability for Obligations; Transferee's Liability
23-17-7-8. Creditor's Proceedings; Liability of Members; Prerequisites; Intervention and Joinder
23-17-7-9. Advancements or Loans to Corporation; Return or Repayment