(a) A person commits the offense of receiving a deposit in a failing financial institution if, as an officer, manager, or other person participating in the direction of a financial institution, the person knowingly receives or permits the receipt of a deposit or other investment, knowing that the financial institution is insolvent, without disclosing the true financial condition of the financial institution.(b) Receiving a deposit in a failing financial institution is a Class A misdemeanor.Acts 1975, No. 280, § 2307; A.S.A. 1947, § 41-2307.
Arkansas Legal Code