§ 3

Ind. Code § 23-17-13-3

Loans to and guarantees of obligations of directors or officers

As added by P.L.179-1991, SEC.1.

(a) A corporation may not:
1. (1) lend money to; or
2. (2) guarantee the obligation of;
  a director or an officer of the corporation.
(b) A loan or guaranty that is made in violation of this section does not affect the borrower's liability on the loan.

As added by P.L.179-1991, SEC.1.