If the board of managers fails to make any return required by this chapter or makes an untrue return, the members thereof shall be jointly and severally liable for all debts existing at the date of such return or at the time when the return should have been made, and such association shall forfeit to the state fifty dollars for each failure.
(1949 Rev., S. 5301; May Sp. Sess. P.A. 92-6, S. 89, 117.)
History: May Sp. Sess. P.A. 92-6 raised fee from $25 to $50.
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