Nebraska Statutes 21-1988. Loans to or guaranties for directors and officers
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(a) A corporation may not lend money to or guaranty the obligation of a director or officer of the corporation.
Terms Used In Nebraska Statutes 21-1988
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(b) The fact that a loan or guaranty is made in violation of this section does not affect the borrower’s liability on the loan.