An association, in its certificate of incorporation or in its bylaws, may authorize
the board of directors to borrow money and the board of directors may by resolution
adopted by a vote of at least two thirds of the entire board duly recorded in the
minutes may authorize the officers of the association to borrow money for the association
on such terms and conditions as it may deem proper.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.