483 - Penalty for loans to non-members; recovery.

§  483.  Penalty  for  loans  to  non-members;  recovery. Any officer,  director or member of a  committee  of  a  credit  union  who  knowingly  permits  a  loan to be made or participates in a loan to a non-member of  the corporation shall be guilty of a misdemeanor and shall be  primarily  liable  to the corporation for the amount thus illegally loaned, and the  illegality of such a loan shall be no  defense  in  any  action  by  the  corporation to recover the amount lent.