Republic Acts1 min read
Section 17October 21, 1997, Sec./Art. 17
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Liability of officers for loans contrary to law. – No Association shall make or purchase any loan or investment not authorized or permitted under this Act, and any trustee, officer or employee, who on behalf of any such Association, knowingly makes or purchases any such loan or investment or who knowingly consents thereto shall be personally liable to the Association for the full amount of any such loan or investment.
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