508.7  Loans to officers.

Except as permitted in sections 508.8 and 508.8A, the capital or other funds shall not be loaned directly or indirectly to an officer, director, stockholder, or employee of the company or directly or indirectly to a relative of an officer or director of the company.

Section History: Early form

  [C73, § 1162; C97, § 1769; C24, 27, 31, 35, 39, § 8649; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 508.7; 81 Acts, ch 166, § 1]

Section History: Recent form

  91 Acts, ch 213, §4

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