Section 1
SECTION 1. Section eleven of Act Numbered Twenty-five hundred and eight, known as the Rural Credit Law, is hereby amended to read as follows: "SEC. 11. No director shall directly or indirectly obtain a loan for himself, nor shall he vote on a loan requested by any member of his family, natural or by affinity, to the third degrees, nor on a loan requested by any person who owes a debt to him or to any member of his family; nor shall he become a bandsman, surety, or indorser on any loan contracted with the association. "Any violation of this section shall be punishable by dismissal from office of director when found guilty of such violation, and the amount thus obtained by him shall become immediately due and payable. In the event of non-payment in full of the obligation so contracted, the offending director may, by order of the Director of Commerce, who shall be in charge of the enforcement of the provision of this section, be prosecuted before the courts of justice, and if found guilty, punished by arresto mayor, or by a fine of not less than fifty pesos and not more than two hundred and fifty pesos, or both by fine and imprisonment in the discretion of the court."