Indiana Code 23-17-13-3. Loans to and guarantees of obligations of directors or officers
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Sec. 3. (a) A corporation may not:
(2) guarantee the obligation of;
(1) lend money to; or
Terms Used In Indiana Code 23-17-13-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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.