Louisiana Revised Statutes 6:419 – Receipt of deposits while insolvent
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Terms Used In Louisiana Revised Statutes 6:419
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A. After an officer, director, or employee of a bank learns that the bank is insolvent, he shall not assent to the receipt of any deposit of which all or any portion thereof would not be insured by the Federal Deposit Insurance Corporation or the creation of any debt by the bank.
B. Whoever violates this Section shall be fined not more than one thousand dollars and shall be individually responsible for any such deposit or debt.
Acts 1984, No. 719, §1, eff. Jan. 1, 1985; Acts 1987, No. 108, §1.