§ 55A-8-32. Loans to or guaranties for directors and officers. - North Carolina Statutes

§55A‑8‑32.  Loans to or guaranties for directors and officers.

No loan, guaranty, or otherform of security shall be made or provided by a corporation to or for thebenefit of its directors or officers, except that loans, guaranties, or otherforms of security may be made to full‑time employees of the corporationwho are also directors or officers by action of its board of directors inaccordance with G.S. 55A‑8‑31(a)(1). (1955, c. 1230; 1985 (Reg.Sess., 1986), c. 801, s. 17; 1993, c. 398, s. 1.)