§ 35-2-435

35-2-435. Loans to or guaranties for directors and officers. (1) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation. (2) The fact that a loan or guaranty is made in violation of this section does not affect the borrower's liability on the loan. History: En. Sec. 93, Ch. 411, L. 1991.