TITLE 7
Corporations, Associations, and Partnerships

CHAPTER 7-6
Rhode Island Nonprofit Corporation Act

SECTION 7-6-32


§ 7-6-32 Loans to directors prohibited.

No loans shall be made by a corporation to its directors. Any director who assents to or participates in the making of any loan is liable to the corporation for the amount of loan until its repayment.

History of Section.
(P.L. 1984, ch. 380, § 1; P.L. 1984, ch. 444, § 1.)