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Can you summarize 53-8-29 NMSA?

Nonprofit Corporations > Loans to directors and officers.

Short Summary

Any director or officer who assents to or participates in the making of any loan to a director or officer shall be personally liable to the corporation for the amount of the loan until the repayment thereof. History: 1953 Comp., 51-14-71, enacted by Laws 1975, ch. 217, 29. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. - 18A C.J.S. Corporations 913.

Jurisdiction

New Mexico

Source
53-8-29 NMSA [https://reggi.cloud.regology.com/regulations/US-NMSA/US-NMSA_C_53_SC_8_S_29]