Section 13A-9-50 Receiving deposits in failing financial institution. - Alabama Statutes

Section 13A-9-50

Receiving deposits in failing financial institution.

(a) A person commits the crime of receiving deposits in a failing financial institution, if, as an officer, manager or other person participating in the direction of a financial institution, he knowingly receives or permits the receipt of funds, a general deposit or other investment, knowing or having reason to believe that:

(1) Due to financial difficulties the institution is about to suspend operations or go into receivership or reorganization, and

(2) The person making the deposit or other payment is unaware of the precarious situation of the institution.

(b) Receiving deposits in a failing financial institution is a Class A misdemeanor.

(Acts 1977, No. 607, p. 812, §4150; Acts 1979, No. 79-664, p. 1163, §1.)