38.2-211 - Other interests and payments to officers, directors, etc., prohibited. - Virginia Statutes

§ 38.2-211. Other interests and payments to officers, directors, etc.,prohibited.

Except as provided in § 38.2-212, no officer or director of any companylisted in § 38.2-210 and transacting business in this Commonwealth shallreceive, directly, indirectly or through any substantial interest in anyother corporation, any compensation for negotiating, procuring, recommending,or aiding in the purchase or sale of property by such company, or inobtaining any loan from the company. No such officer or director shall bepecuniarily interested, either as principal, agent, or beneficiary, in anysuch purchase, sale or loan. No financial obligation of any such officer ordirector shall be guaranteed by the company.

(Code 1950, § 38-4.2; 1952, c. 317, § 38.1-34; 1978, c. 701; 1986, c. 562.)