MARVIN MANDEL, Governor

1575

AND CUSTOMARY TERMS;

(3)     A LOAN MADE BY A CORPORATION THE
PRINCIPAL BUSINESS OF WHICH IS TO LEND MONEY;

(4)   A LOAN MADE BY A CORPORATION RECEIVING
AND AUTHORIZED TO RECEIVE MONEY ON DEPOSIT;

(5)    A LOAN MADE BY AN INSURANCE COMPANY IF
THE LOAN IS NOT PROHIBITED BY THIS ARTICLE OR THE
INSURANCE CODE; OR

(6)    AN ADVANCE AGAINST INDEMNIFICATION MADE
TO A PERSON ENTITLED TO IT UNDER § 2-418 OF THIS
SUBTITLE.

REVISOR'S NOTE: This section presently appears as
Art. 23, §62 (a) (4).

In subsection (a) of this section, the words
"by the corporation" are added to clarify that
the section does not apply to loans other than
those made by the corporation.

In subsection (b)(2) of this section, the term
"savings and loan association" is substituted
for "associations as defined in § 161B(a) of
this article." Such associations are building
and loans, savings and loans, homestead
associations, or similar entities. The simple
term "savings and loan association" conforms
with the terminology used in Title 6 of this
article.

The only other changes are in style.

Present Art. 23, §62(a)(1), (2), and (3) and
(c) now appear in Subtitle 3 of this title.

2-417. DIRECTORS AND OFFICERS JOINTLY AND SEVERALLY
LIABLE.

ALL DIRECTORS AND OFFICERS WHO ARE HELD LIABLE ON A
CLAIM ASSERTED WITH RESPECT TO AN UNAUTHORIZED DIVIDEND,
DISTRIBUTION, OR REDEMPTION UNDER § 2-315 OF THIS TITLE
OR ON A CLAIM ASSERTED WITH RESPECT TO A LOAN TO AN
OFFICER OR DIRECTOR UNDER §2-416 OF THIS SUBTITLE ARE:

(1) JOINTLY AND SEVERALLY LIABLE TO THE
CORPORATION OR, IN THE EVENT THAT THE CORPORATION IS
INSOLVENT, ITS RECEIVER OR OTHER PERSON WINDING UP ITS
AFFAIRS; AND

(2) ENTITLED TO CONTRIBUTION FROM THOSE OTHER