Penalty for Transactions After a Bank Becomes Insolvent.
Section 70
SEC. 70. Penalty for Transactions After a Bank Becomes Insolvent. – Any director or officer of any bank declared insolvent or under receivership by the Monetary Board who refuses to turn over the bank's records and assets to the designated receivers, or who tampers with banks, records, or who appropriates for himself or another party or destroys or causes the misappropriation and destruction of the bank's assets, or who receives or permits or causes to be received in said bank any deposit, collection of loans and/or receivables or who pays out or permits or causes to be paid out any funds of said bank, or who transfers or permits, or causes to be transferred any securities or property of said bank shall be subject to the penal provisions of the New Central Bank Act. (85a) CHAPTER VIILAWS GOVERNING OTHER TYPES OF BANKS