Any officer or director of any state bank who shall knowingly make or approve a loan in violation of ยงยง 23-47-501 -- 23-47-504 or who shall knowingly permit such a loan to be made, or who shall fail to exercise his or her authority to prevent the making of the loan shall be personally liable to the bank, or to the Bank Commissioner, for the full amount thereof. However, written notice of disapproval of the loan, served on the board of directors and also the commissioner at the time the making or existence of the loan first comes to his or her knowledge, shall relieve any officer or director from personal liability.
Section: Previous 23-47-502 23-47-503 23-47-504 23-47-505 23-47-506 23-47-507 23-47-508 23-47-509 23-47-510 NextLast modified: November 15, 2016