Loans may be made by state chartered banks, savings banks, trust companies, building and loan associations or cooperative banks to executive officers, directors or trustees thereof, and such officers, directors or trustees may be accepted as surety, endorser or guarantor upon such loans only by unanimous approval in writing of those members of the board of directors or trustees present at the meeting at which such approval is given, provided there is at least a quorum of the board present exclusive of the director or trustee to whom the loan is to be made. The limitations of this section shall not apply to loans secured by assignment of passbook or other evidence of deposit account, or to loans approved in conformity with the provisions of Federal Reserve Board Regulation O, as adopted by the Board of Governors of the Federal Reserve System, or as adopted by reference by the Federal Deposit Insurance Corporation, as such regulation now exists, or is amended from time to time. Loans made under this section shall be on terms not more favorable than those afforded other borrowers.
Loans may be made by state chartered banks, savings banks, trust companies, building and loan associations or cooperative banks to executive officers, directors or trustees thereof, and such officers, directors or trustees may be accepted as surety, endorser or guarantor upon such loans only by unanimous approval in writing of those members of the board of directors or trustees present at the meeting at which such approval is given, provided there is at least a quorum of the board present exclusive of the director or trustee to whom the loan is to be made. The limitations of this section shall not apply to loans secured by assignment of passbook or other evidence of deposit account, or to loans approved in conformity with the provisions of Federal Reserve Board Regulation O, as adopted by the Board of Governors of the Federal Reserve System, or as adopted by reference by the Federal Deposit Insurance Corporation, as such regulation now exists, or is amended from time to time. Loans made under this section shall be on terms not more favorable than those afforded other borrowers.
Loans may be made by state chartered banks, savings banks, trust companies, building and loan associations or cooperative banks to executive officers, directors or trustees thereof, and such officers, directors or trustees may be accepted as surety, endorser or guarantor upon such loans only by unanimous approval in writing of those members of the board of directors or trustees present at the meeting at which such approval is given, provided there is at least a quorum of the board present exclusive of the director or trustee to whom the loan is to be made. The limitations of this section shall not apply to loans secured by assignment of passbook or other evidence of deposit account, or to loans approved in conformity with the provisions of Federal Reserve Board Regulation O, as adopted by the Board of Governors of the Federal Reserve System, or as adopted by reference by the Federal Deposit Insurance Corporation, as such regulation now exists, or is amended from time to time. Loans made under this section shall be on terms not more favorable than those afforded other borrowers.
