Section 17Sec./Art. 17

Loans to Officers, Directors, and Employees; Restriction and Limitation. The Veterans Bank shall not, directly or indirectly, grant loans to any director, officer, employee, or agent of the Veterans Bank, and no loans shall be granted to a corporation, partnership, or company wherein any member of the Board of Directors is a shareholder, agent or employee in any manner, except by the unanimous vote of the members of the Board present in a meeting, excluding the interested member: Provided, That the total liabilities to the Veterans Bank of any corporation, wherein any member of the Board of Directors of the Veterans Bank is a shareholder, agent or employee in any manner, shall at no time exceed five percent (5%) of the surplus and paid-up capital of the Veterans Bank.