{"data":{"id":"us-dc/d.c.-code-29-406.32","jurisdiction":"us-dc","citation":"D.C. Code § 29-406.32","heading":"Loans to or guarantees for directors and officers.","body":"(a)\nA nonprofit corporation shall not lend money to or guarantee the obligation of a director or officer of the corporation.\n\n(b)\nThis section shall not apply to:\n(1)\nAn advance to pay reimbursable expenses reasonably expected to be incurred by a director or officer;\n(2)\nAn advance to pay premiums on life insurance if the advance is secured by the cash value of the policy;\n(3)\nAdvances pursuant to part E of this subchapter;\n(4)\nLoans or advances pursuant to employee benefit plans;\n(5)\nA loan secured by the principal residence of an officer; or\n(6)\nA loan to pay relocation expenses of an officer.\n\n(c)\nThe fact that a loan or guarantee is made in violation of this section shall not affect the borrower’s liability on the loan.","path":["Title 29. Business Organizations. [Enacted title]","Chapter 4. Nonprofit Corporations.","Subchapter VI. Directors, Officers, and Employees.","Part C. Directors."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/29-406.32","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"4a30e965f7b152a7f9a3214e42d2132aa5c023a6052424d644139ed9e0c890de","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-29-406.31","next":"us-dc/d.c.-code-29-406.33"},"notice":"GroundRules: Original legal text. Not legal advice."}