Receipt of deposit after notification of insolvency.

Checkout our iOS App for a better way to browser and research.

It shall be unlawful for an association to receive any deposit after it has been notified by its primary regulator that it is insolvent or for an officer, director or employee who knows or, in the proper performance of such duty should know of the notification of such insolvency, to receive or authorize the receipt of such deposit, if such deposit, when aggregated together with other funds held by the depositor in the same right and capacity, would exceed the limit of any federal deposit insurance coverage.

Added by Laws 2000, c. 81, § 83, eff. Nov. 1, 2000.


Download our app to see the most-to-date content.