§ 13-3-402 — Individual indebtedness limitations; generally

(a) Except as otherwise provided, no bank shall permit any
person, firm, partnership, association or corporation to become
indebted at origination to the bank in an amount exceeding
twenty percent (20%) of the amount of the capital stock of the
bank actually paid in and unimpaired plus twenty percent (20%)
of its unimpaired surplus fund plus twenty percent (20%) of its
unimpaired undivided profits.
(b) As used in this section, W.S. 13-3-403 and 13-3-404,
"loans or extensions of credit", "indebted" and "obligations"
means the direct liability of the maker or acceptor of paper
discounted with or sold to a bank and includes, but are not
limited to, outstanding letters of credit and unfunded
commitments. Indebtedness of a partnership includes the
obligations of the several members thereof individually and
indebtedness of a corporation includes all obligations of all
subsidiaries thereof in which the corporation owns or controls a
majority interest.
(c) The board of directors shall review and give prior
approval for all combinations of indebtedness of affiliated
persons, firms, partnerships, associations or corporations which
exceed the limits permitted by subsection (a) of this section.
For purposes of this section "affiliated" means that twenty-five
percent (25%) or more of each entity is owned or controlled by a
common principal.