Sec. 3. (a) A corporation may not: (1) lend money to; or (2) guarantee the obligation of; a director or an officer of the corporation. (b) A loan or guaranty that is made in violation of this section does not affect the borrower's liability on the loan. As added by P.L.179-1991, SEC.1.
Loans to and guarantees of obligations of directors or officers
Ind. Code § 23-17-13-3, under Standards of Conduct for Directors.
Ind. Code § 23-17-13-3