79-11-282 - Restrictions on corporate loans; borrower's liability. - Mississippi Statutes

§ 79-11-282. Restrictions on corporate loans; borrower's liability.
 

(1)  A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation. 

(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. 
 

Sources: Laws,  1988, ch. 417, § 6, eff from and after July 1, 1988.