§ 483 — Penalty for loans to non-members; recovery

§ 483. Penalty for loans to non-members; recovery. Any officer,\ndirector or member of a committee of a credit union who knowingly\npermits a loan to be made or participates in a loan to a non-member of\nthe corporation shall be guilty of a misdemeanor and shall be primarily\nliable to the corporation for the amount thus illegally loaned, and the\nillegality of such a loan shall be no defense in any action by the\ncorporation to recover the amount lent.\n