GroundRules
Tex. Business Organizations Code § 22.225: LOAN TO DIRECTOR PROHIBITED.
Where this section sits in the code
- BUSINESS ORGANIZATIONS CODE
- TITLE 2. CORPORATIONS
- CHAPTER 22. NONPROFIT CORPORATIONS
- SUBCHAPTER E. MANAGEMENT
(a) A corporation may not make a loan to a director.
(b) The directors of a corporation who vote for or assent to the making of a loan to a director, and any officer who participates in making the loan, are jointly and severally liable to the corporation for the amount of the loan until the loan is repaid.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Collected 2026-08-27T01:46:58Z. Source file · JSON