State Codes and Statutes

Statutes > Connecticut > Title33 > Chap602 > Sec33-1106

      Sec. 33-1106. Liability for loans. Directors who vote for or assent to the making of a loan to an officer or to a director of a corporation, or any officer or officers participating in the making of such loan, which loan is neither made in the usual course of the corporation's affairs nor made primarily for a legitimate purpose of the corporation, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.

      (P.A. 96-256, S. 78, 209.)

      History: P.A. 96-256 effective January 1, 1997.

State Codes and Statutes

Statutes > Connecticut > Title33 > Chap602 > Sec33-1106

      Sec. 33-1106. Liability for loans. Directors who vote for or assent to the making of a loan to an officer or to a director of a corporation, or any officer or officers participating in the making of such loan, which loan is neither made in the usual course of the corporation's affairs nor made primarily for a legitimate purpose of the corporation, shall be jointly and severally liable to the corporation for the amount of such loan until the repayment thereof.

      (P.A. 96-256, S. 78, 209.)

      History: P.A. 96-256 effective January 1, 1997.