32-2-108. Purchase of obligations of association by officer. A director, officer, agent, or other employee of any building and loan association may not, directly or indirectly, for the person's own personal benefit, purchase or be interested in the purchase of any obligation of the association for a lesser sum than appears upon the books of the association to be the value of the obligation. Every person violating the provisions of this section shall for each offense forfeit to the state three times the face value of any obligation purchased.
History: En. Sec. 38, Ch. 57, L. 1927; re-en. Sec. 6355.39, R.C.M. 1935; R.C.M. 1947, 7-140; amd. Sec. 1027, Ch. 56, L. 2009.
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