The corporation may not make a loan to a director, officer, member or employee
The document says “may not”Who acts: Foundation of the Federal Bar AssociationHow: statuteSec. 5 in the PDF
What the document says“``(d) Loans.--The corporation may not make a loan to a director, officer, member, or employee.”
The loans subsection written into section 70507 of title 36, United States Code, bars the corporation from making a loan to a director, officer, member or employee. It states no exception.
What the document actually says“``(d) Loans.--The corporation may not make a loan to a director, officer, member, or employee.”
That sentence, in plain words
The group may not lend money to its own people. Not to a board member, an officer, a member, or a worker.
What this is about
A loan is cash lent that must be paid back. This rule bars all such loans.
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