7 Pa. Stat. § 1413

Current through Pa Acts 2024-53, 2024-56 through 2024-111
Section 1413 - Prohibitions applicable to directors, trustees, officers, employes and attorneys
(a) No director, trustee, officer, employe or attorney of an institution or of an affiliate of the institution shall:
(i) receive anything of value for procuring or attempting to procure any loan from or investment by the institution, or
(ii)[Deleted by 2012 Amendment.]
(iii) purchase, or directly or indirectly be interested in purchasing, from the institution for less than its face value any promissory note or other evidence of indebtedness issued by the institution.
(b) A violation of this section shall be subject to the penalty provisions of this act.

7 P.S. § 1413

Amended by P.L. 1336 2012 No. 170, § 43, eff. 12/23/2012.
1965, Nov. 30, P.L. 847, No. 356, § 1413. Amended 1980, May 21, P.L. 173, No. 51, § 10, imd. effective.