Indiana § 23-17-7-9 Advancements or loans to corporation; return or repayment

Indiana Statutes

§ 23-17-7-9 — Advancements or loans to corporation; return or repayment

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 17 NONPROFIT CORPORATIONS·Ch. 7 Members; Admission; Types of Memberships; Rights

A member may advance or loan money to the
corporation that may be returned or repaid to the member at a time and
under a condition that the corporation and the member agree. However,
upon return or repayment, the member may not receive more than the
principal amount of the money advanced or loaned, together with
reasonable interest at a rate that is not in excess of market rate, whether
fixed or variable, otherwise available without premium to the
corporation under the same circumstances at the time of the advance
or loan.

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A member may advance or loan money to the
corporation that may be returned or repaid to the member at a time and
under a condition that the corporation and the member agree. However,
upon return or repayment, the member may not receive more than the
principal amount of the money advanced or loaned, together with
reasonable interest at a rate that is not in excess of market rate, whether
fixed or variable, otherwise available without premium to the
corporation under the same circumstances at the time of the advance
or loan.

Indiana § 23-17-7-9 (Advancements or loans to corporation; return or repayment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.