Okla. Stat. tit. 18, § 18-1029
This is the official text of Okla. Stat. tit. 18, § 18-1029, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
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Loans to Employees and Officers - Guaranty of Obligations
Official statutory text
of Employees and Officers.
LOANS TO EMPLOYEES AND OFFICERS; GUARANTY OF OBLIGATIONS
OF EMPLOYEES AND OFFICERS
Any corporation may lend money to, or guarantee any obligation
of, or otherwise assist any officer or other employee of the
corporation or of its subsidiary, including any officer or employee
who is a director of the corporation or its subsidiary whenever, in
the judgment of the directors, such loan, guaranty or assistance may
reasonably be expected to benefit the corporation. The loan,
guaranty or other assistance may be with or without interest, and
may be unsecured, or secured in such manner as the board of
directors shall approve, including, without limitation, a pledge of
shares of stock of the corporation. Nothing contained in this
section shall be construed to deny, limit or restrict the powers of
guaranty or warranty of any corporation at common law or under any
statute.
LOANS TO EMPLOYEES AND OFFICERS; GUARANTY OF OBLIGATIONS
OF EMPLOYEES AND OFFICERS
Any corporation may lend money to, or guarantee any obligation
of, or otherwise assist any officer or other employee of the
corporation or of its subsidiary, including any officer or employee
who is a director of the corporation or its subsidiary whenever, in
the judgment of the directors, such loan, guaranty or assistance may
reasonably be expected to benefit the corporation. The loan,
guaranty or other assistance may be with or without interest, and
may be unsecured, or secured in such manner as the board of
directors shall approve, including, without limitation, a pledge of
shares of stock of the corporation. Nothing contained in this
section shall be construed to deny, limit or restrict the powers of
guaranty or warranty of any corporation at common law or under any
statute.
Status: in_force · Read it on the official government site
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