No association shall, directly or indirectly, by any system of account or any device of bookkeeping, knowingly enter any of its assets upon its books in the name of any other person, partnership, association or corporation or under any title or designation that is not truly descriptive of the assets.
History: 1953 Comp., § 48-15-71, enacted by Laws 1967, ch. 61, § 27.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks §§ 232, 237.
9 C.J.S. Banks and Banking §§ 288, 290, 292, 301, 302, 303, 305, 306, 313, 336, 341.