There is a newer version
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the New York Laws
2017 New York Laws
BNK - Banking
Article 11 - Credit Unions
483 - Penalty for Loans to Non-Members; Recovery.
Universal Citation: NY Banking L § 483 (2017)
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.
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