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The Laws of New York
Consolidated Laws of New York
CHAPTER 2
Banking
ARTICLE 11
Credit Unions
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SECTION 482
Reports to superintendent; penalty for failure to make
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ARTICLE 11
Credit Unions
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SECTION 484
Penalty for use of term "credit union"
This entry was published on 2014-09-22
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SECTION 483
Penalty for loans to non-members; recovery
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 483. Penalty for loans to non-members; recovery. Any officer,
director or member of a committee of a credit union who knowingly
permits a loan to be made or participates in a loan to a non-member of
the corporation shall be guilty of a misdemeanor and shall be primarily
liable to the corporation for the amount thus illegally loaned, and the
illegality of such a loan shall be no defense in any action by the
corporation to recover the amount lent.