D.C. Code § 29-406.32: Loans to or guarantees for directors and officers.

(a)

A nonprofit corporation shall not lend money to or guarantee the obligation of a director or officer of the corporation.

(b)

This section shall not apply to:

(1)

An advance to pay reimbursable expenses reasonably expected to be incurred by a director or officer;

(2)

An advance to pay premiums on life insurance if the advance is secured by the cash value of the policy;

(3)

Advances pursuant to part E of this subchapter;

(4)

Loans or advances pursuant to employee benefit plans;

(5)

A loan secured by the principal residence of an officer; or

(6)

A loan to pay relocation expenses of an officer.

(c)

The fact that a loan or guarantee is made in violation of this section shall not affect the borrower’s liability on the loan.