(a) A nonprofit corporation may not lend money to or guarantee the obligation of a director or officer of the nonprofit corporation. (b) The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan.
‹ Prev All Alabama sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.