355.421. Loans, guarantees for directors, officers. - Missouri Statutes

Loans, guarantees for directors, officers.

355.421. A corporation which qualifies for an exemptionfrom federal income tax in accordance with U.S.C. 26 Sec. 501(c)may lend money to or guarantee the obligation of a director orofficer of the corporation, provided that such loan does notexceed the lesser of twenty-five percent of the total assets ofthe corporation or two hundred and fifty thousand dollars.

(L. 1994 H.B. 1095)

Effective 7-1-95