South Dakota Statutes
§ 47-24-5 — Loans to directors or officers--Liability for assenting to loan.
South Dakota·Title 47 CORPORATIONS·Ch. 47-22 NONPROFIT CORPORATIONS--RECORDS, FISCAL AFFAIRS AND REPORTS
No loans shall be made by a corporation to its directors or officers. Any director or officer who assents to or participates in the making of any such loan shall be liable to the corporation for the amount of such loan until the repayment thereof.
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South Dakota § 47-24-5 (Loans to directors or officers--Liability for assenting to loan.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
SL 1965, ch 24, § 29.
Nearby Sections
15
§ 47-1-1
Repealed§ 47-1-3
Repealed§ 47-10-1
Purposes of corporations.§ 47-10-10
Incorporators.§ 47-10-11
Directors--Number and term of office.§ 47-10-13
Accumulation of surplus--Use of surplus.§ 47-10-14
Persons authorized to hold common stock.§ 47-10-18
Nonstockholder members--Duty to lend.§ 47-10-2
Powers of corporations.