Receiving Deposits in Failing Bank; Defined and Punished

(a)As used in this Section, financial institution means a bank, insurance company, credit union, building and loan association, investment trust or other organization held out to the public as a place of deposit of funds or medium of savings or collective investment.

(b)An officer, manager or other person directing or participating in the direction of a financial institution commits a misdemeanor if he receives or permits the receipt of a deposit, premium payment or other investment in the institution knowing 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.