Sec. 3. (a) A corporation may not: (1) lend money to; or (2) guarantee the obligation of; a director or an officer of the corporation. (b) A loan or guaranty that is made in violation of this section does not affect the borrower's liability on the loan.
‹ Prev All Indiana 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.