Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
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.