§ 8.32. Loans to or guarantees for directors and officers
(a) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation.
(b) The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)
Structure Vermont Statutes
Title 11B - Nonprofit Corporations
Chapter 8 - Directors and Officers
§ 8.01. Requirement for and duties of board
§ 8.02. Qualifications of directors
§ 8.04. Election, designation, and appointment of directors
§ 8.05. Terms of directors generally
§ 8.06. Staggered terms for directors
§ 8.07. Resignation of directors
§ 8.08. Removal of directors elected by members or directors
§ 8.09. Removal of designated or appointed directors
§ 8.10. Removal of directors by judicial proceeding
§ 8.12. Compensation of directors
§ 8.13. Financially disinterested majority—Public benefit corporations
§ 8.20. Regular and special meetings
§ 8.21. Action without meeting
§ 8.22. Call and notice of meetings
§ 8.25. Committees of the board
§ 8.30. General standards for directors
§ 8.31. Director conflict of interest
§ 8.32. Loans to or guarantees for directors and officers
§ 8.33. Liability for unlawful distributions; statute of limitations
§ 8.41. Duties and authority of officers
§ 8.42. Standards of conduct for officers
§ 8.43. Resignation and removal of officers
§ 8.44. Contract rights of officers
§ 8.45. Officers’ authority to execute documents
§ 8.50. Subchapter definitions
§ 8.51. Authority to indemnify
§ 8.52. Mandatory indemnification
§ 8.54. Court-ordered indemnification
§ 8.55. Determination and authorization of indemnification