GroundRules
Ala. Code § 10A-3A-8.33: Loans to or Guarantees for Directors and Officers.
Where this section sits in the code
- Title 10A Alabama Business and Nonprofit Entities Code.
- Chapter 3A Alabama Nonprofit Corporation Law.
- Article 8 Directors and Officers.
- Division C Directors.
(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.
Collected 2026-09-03T14:01:54Z. Source file · JSON