32-2-109. Purchase of assets of association by officer. An officer, director, agent, or other employee of any association may not, directly or indirectly, for the person's own personal benefit, purchase or be interested in the purchase of any of the assets of any building and loan association for a lesser sum than the book value of the assets. Every person violating any provision of this section shall for each offense forfeit to the state twice the nominal value of any assets purchased.
History: En. Sec. 39, Ch. 57, L. 1927; re-en. Sec. 6399.40, R.C.M. 1935; R.C.M. 1947, 7-141; amd. Sec. 1028, Ch. 56, L. 2009.
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