Section 14
SEC. 14. Any director or officer of a bank organized under this Act who receives or permits or causes to be received in said bank any deposit or who pays out or permits or causes to be paid out any funds of said banks or who transfers or permits or causes to be transferred any securities or property of said bank after said bank has been declared insolvent shall be punished by a fine of not less than one thousand nor more than ten thousand pesos and by imprisonment for not less than two nor more than ten years.