GroundRules
Ala. Code § 10A-3-2.42: Loans to Directors and Officers Prohibited.
Where this section sits in the code
- Title 10A Alabama Business and Nonprofit Entities Code.
- Chapter 3 Nonprofit Corporations.
- Article 2 Substantive Provisions.
- Division D Entity Specific Powers; Limitations.
No loans shall be made by a nonprofit corporation to its directors or officers. Any director or officer who assents to or participates in the making of any loan shall be liable to the nonprofit corporation for the amount of the loan until the repayment thereof.
Collected 2026-09-03T14:01:53Z. Source file · JSON