§419. Receipt of deposits while insolvent
A. After an officer, director, or employee of a bank learns that the bank is insolvent, he shall not assent to the receipt of any deposit of which all or any portion thereof would not be insured by the Federal Deposit Insurance Corporation or the creation of any debt by the bank.
B. Whoever violates this Section shall be fined not more than one thousand dollars and shall be individually responsible for any such deposit or debt.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1987, No. 108, §1.
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