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 nonmember of the credit union shall be primarily liable to the credit union for the amount thus illegally loaned. The illegality of such loan shall be no defense in any action by the credit union to recover the amount loaned. [1975 c.652 § 59]

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[Repealed by 1975 c.652 § 88]

[Amended by 1959 c.106 § 22; repealed by 1975 c.652 § 88]

[Repealed by 1975 c.652 § 88]

INSURANCE AND GROUP PURCHASING