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Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1413. Prohibitions applicable to directors, trustees, officers, employes and attorneys

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) No director, trustee, officer, employe or attorney of an institution or of an affiliate of the institution shall:

(i) receive anything of value for procuring or attempting to procure any loan from or investment by the institution, or

(ii) Deleted by 2012, Oct. 24, P.L. 1336, No. 170, § 43, effective in 60 days [Dec. 24, 2012].

(iii) purchase, or directly or indirectly be interested in purchasing, from the institution for less than its face value any promissory note or other evidence of indebtedness issued by the institution.

(b) A violation of this section shall be subject to the penalty provisions of this act.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 7 P.S. Banks and Banking § 1413. Prohibitions applicable to directors, trustees, officers, employes and attorneys - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-7-ps-banks-and-banking/pa-st-sect-7-1413/

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