Section 38
SEC. 38. Whenever there is a call by depositors of a savings bank for repayment of their deposits and the call so made shall result in reducing its legal reserves below the amount required by the Monetary Board, such bank shall not make any new loans or investment of the funds of depositors or earnings of such funds until the call of the depositors has been satisfied and its legal reserves have been restored to the required minimum. Any officer or director of a savings and mortgage bank who makes or causes to be made any loan or investment or funds of depositors or of the earnings of such funds in violation of this section shall be punished by imprisonment for not less than one year nor more than ten years and by a fine of not less than one thousand nor more than ten thousand pesos.