Section 275.525 - Loans to members and managers by nonprofit limited liability company prohibited - Exception for some business entities(1) Unless a nonprofit limited liability company has only business entities formed for a nonprofit purpose as its members, no loan shall be made by the company to its members or managers, and any member or manager who assents to or participates in the making of a loan violating this prohibition shall be liable to the company for the amount of the loan until its repayment.(2) No loan shall be made by a nonprofit limited liability company to its managers, and any member or manager who assents to or participates in the making of a loan violating this prohibition shall be liable to the company for the amount of the loan until its repayment.Amended by 2015 Ky. Acts ch. 34,§ 49, eff. 6/22/2015.Effective:7/15/2010
Repealed and reenacted 2010, Ky. Acts ch. 51, sec. 10, effective7/15/2010. -- Created 2007, Ky. Acts ch. 137, sec. 10, effective 6/26/2007.