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Texas Business Organizations Code - Section 22.225. Loan To Director Prohibited

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 22.225. Loan To Director Prohibited

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§ 22.225. LOAN TO DIRECTOR PROHIBITED. (a) A corporation may not make a loan to a director. (b) The directors of a corporation who vote for or assent to the making of a loan to a director, and any officer who participates in making the loan, are jointly and severally liable to the corporation for the amount of the loan until the loan is repaid. Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.

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Last modified: August 11, 2007