TITLE 30

CORPORATIONS

CHAPTER 30

IDAHO NONPROFIT CORPORATION ACT

PART 6

DIRECTORS AND OFFICERS

30-30-620.  Loans to or guarantees for directors and officers. (1) Except with regard to loan or guarantee programs available to all members, a corporation may not lend money to or guarantee the obligation of a director or officer of the corporation, provided that a cooperative corporation may lend money to or guarantee the obligation of a director or officer with regard to loan or guarantee programs available to all members.

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

History:

[30-30-620, added 2015, ch. 243, sec. 79, p. 990.]