South Dakota Codified Laws 47-24-5. Loans to directors or officers–Liability for assenting to loan
Current as of: 2023 | Check for updates
|
Other versions
No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof.
Terms Used In South Dakota Codified Laws 47-24-5
- 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.
Source: SL 1965, ch 24, § 29.