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Ala. Code § 10A-3A-8.33 (2026) – Loans to or Guarantees for Directors and Officers. | Midpage
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Code of Alabama
Title 10A
Chapter 3A
Article 8
C
§ 10A-3A-8.33
Ala. Code § 10A-3A-8.33 (2026)
Loans to or Guarantees for Directors and Officers.
(Act 2023-503, §1.)
(a) A nonprofit corporation may not lend money to or guarantee the obligation of a director or officer of the nonprofit corporation.
(b) The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan.
(Act 2023-503, §1.)