Unlawful acts; penalty.
1. It is unlawful for an officer, director, employee or capital stockholder of an association:
(a) To solicit, accept or agree to accept, directly or indirectly, from any person other than the association, any gratuity, compensation or other personal benefit for any action taken by the association or for endeavoring to procure any such action.
(b) To have any interest, direct or indirect, in the purchase at less than its face value of any evidence of a savings account or other indebtedness issued by the association, excluding stock certificates and junior capital notes.
2. It is unlawful for any stockholder with more than 5 percent of the outstanding capital stock of an association, or any director or principal officer, to have any interest, direct or indirect, in the proceeds of a loan or of a purchase or sale made by the association, unless the loan, purchase or sale is authorized expressly by this chapter or by a resolution of the board of directors of the association. The resolution must be approved by a vote of at least two-thirds of all the directors of the association, and an interested director may not take part in the vote. The loan must also conform to federal regulations for the insurance of accounts.
3. Any violation of the provisions of this section is a misdemeanor.
Last modified: February 26, 2006