32-3-1008. Concealing actions from directors. (1) An officer or employee of a credit union who intentionally conceals from the directors or a committee of the directors any of the actions under subsection (2) may be charged with a misdemeanor, and upon being found guilty or pleading guilty is subject for each offense to a term of not more than 12 months in the county jail or a fine by the department of administration of not more than $500, or both.
(2) The following actions intentionally concealed from the directors are violations of this chapter:
(a) providing a discount, an extension of credit, or a loan made on behalf of the credit union; or
(b) purchasing a security, selling any of the credit union's securities, or making any guarantee, repurchase agreement, or other agreement obligating the credit union.
History: En. Sec. 4, Ch. 480, L. 2019.
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