Restrictions on corporate loans; borrower’s liability

Miss. Code Ann. § 79-11-282, under Nonprofit, Nonshare Corporations and Religious Societies.

Miss. Code Ann. § 79-11-282

(1) A corporation may not lend money to or guarantee the obligation of a director or officer of the corporation.

(2) The fact that a loan or guarantee is made in violation of this section does not affect the borrower’s liability on the loan.