355.421. Loans, guarantees for directors, officers. — A corporation which qualifies for an exemption from federal income tax in accordance with U.S.C. 26 Sec. 501(c) may lend money to or guarantee the obligation of a director or officer of the corporation, provided that such loan does not exceed the lesser of twenty-five percent of the total assets of the corporation or two hundred and fifty thousand dollars.
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(L. 1994 H.B. 1095)
Effective 7-01-95
---- end of effective 01 Jul 1995 ----
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