Section 29-406.32 - Loans to or guarantees for directors and officers(a) A nonprofit corporation shall not lend money to or guarantee the obligation of a director or officer of the corporation.(b) This section shall not apply to: (1) An advance to pay reimbursable expenses reasonably expected to be incurred by a director or officer;(2) An advance to pay premiums on life insurance if the advance is secured by the cash value of the policy;(3) Advances pursuant to part E of this subchapter;(4) Loans or advances pursuant to employee benefit plans;(5) A loan secured by the principal residence of an officer; or(6) A loan to pay relocation expenses of an officer.(c) The fact that a loan or guarantee is made in violation of this section shall not affect the borrower's liability on the loan.July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.