30-3-82 LOANS TO OR GUARANTEES FOR DIRECTORS AND OFFICERS. - Idaho Statutes

TITLE 30

CORPORATIONS

CHAPTER 3

IDAHO NONPROFIT CORPORATION ACT

30-3-82.Loans to or guarantees for directors and officers. (1) Except with regard to loan or guarantee programs available to all members, a corporation may not lend money to or guarantee the obligation of a director or officer of the corporation, provided that a cooperative corporation may lend money to or guarantee the obligation of a director or officer with regard to loan or guarantee programs available to all members.

(2) The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan.