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.