17-6303. Loans to or guaranty of obligations of officers and employees.
17-6303
17-6303. Loans to or guaranty of obligations of officers and
employees.
Any corporation may lend money to, or guarantee any obligation of, or
otherwise assist any officer or other employee of the corporation or of its
subsidiary, including any officer or employee who is a director of the
corporation or its subsidiary, whenever, in the judgment of the directors,
such loan, guaranty or assistance may reasonably be expected to benefit the
corporation. The loan, guaranty or other assistance may be with or without
interest, and may be unsecured, or secured in such manner as the board of
directors shall approve, including, without limitation, a pledge of shares
of stock of the corporation. Nothing contained in this section shall be
deemed to deny, limit or restrict the powers of guaranty or warranty of any
corporation at common law or under any statute.
History: L. 1972, ch. 52, § 25; July 1.