Section 504.834 - Loans to or guarantees for directors and officers1. A corporation shall not lend money to or guarantee the obligation of a director or officer of the corporation.2. This section does not apply to the situation where the director or officer is a full-time employee of the corporation and involves any of the following: a. An advance to pay reimbursable expenses reasonably expected to be incurred by a director or officer.b. An advance to pay premiums on a policy of life insurance if the advance is secured by the policy's death benefit proceeds or cash surrender value, or both.c. Advances pursuant to part 5 of this subchapter.d. Loans or advances pursuant to employee benefit plans.e. A loan secured by the principal residence of an officer.f. A loan to pay relocation expenses of an officer.3. The fact that a loan or guarantee is made in violation of this section does not affect the borrower's liability on the loan.Amended by 2016 Iowa, ch 1073,s 141, eff. 7/1/2016.Amended by 2015 Iowa, ch 45,s 10, eff. 7/1/2015.2004 Acts, ch 1049, §93, 192