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Arkansas Code Title 4. Business and Commercial Law § 4-28-220. Loans

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) No loans shall be made by a corporation to its directors or officers.

(b) The directors of a corporation who vote for or assent to the making of a loan to a director or officer and any officers participating in the making of the loan shall be jointly and severally liable to the corporation for the amount of the loan until repayment thereof.

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Cite this article: FindLaw.com - Arkansas Code Title 4. Business and Commercial Law § 4-28-220. Loans - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-4-business-and-commercial-law/ar-code-sect-4-28-220/

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