§ 483. Penalty for loans to non-members; recovery.
81 words·~1 min read·
/ny/banking/credit-unions/483·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 483. Penalty for loans to non-members; recovery. Any officer,
director or member of a committee of a credit union who knowingly
permits a loan to be made or participates in a loan to a non-member of
the corporation shall be guilty of a misdemeanor and shall be primarily
liable to the corporation for the amount thus illegally loaned, and the
illegality of such a loan shall be no defense in any action by the
corporation to recover the amount lent.