State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-24 > Statute-47-24-5

47-24-5. Loans to directors or officers--Liability for assenting to loan. No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof.

Source: SL 1965, ch 24, § 29.

State Codes and Statutes

Statutes > South-dakota > Title-47 > Chapter-24 > Statute-47-24-5

47-24-5. Loans to directors or officers--Liability for assenting to loan. No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof.

Source: SL 1965, ch 24, § 29.