§ 14-88-310 — Interest in loans unlawful - Penalty

(a) It shall be unlawful for a municipal board of improvement, or any member thereof, to: (1) Loan the funds, or to be interested in the loan of the funds, raised in any improvement district; or (2) Apply or use the funds for any purpose except the purpose for which they were raised; or (3) Purchase, or to be interested in the purchase of, any lot or lands sold for the payment of delinquent assessments; or (4) Loan money or furnish money or credit to any person, company, or corporation to make such a purchase. (b) Any person violating the provisions of this section commits a felony and shall be: (1) Fined in any sum not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000); and (2) Imprisoned in the state penitentiary not less than one (1) year nor more than ten (10) years.

Legislative History

Acts 1909, No. 80, §§ 2, 4, p. 222; C. & M. Dig., §§ 5712, 5713; Pope's Dig., §§ 7351, 7352; Acts 1975, No. 928, § 7; A.S.A. 1947, §§ 20-121, 20-123.