Every director of a banking corporation who: 1. In case of the fraudulent insolvency of such corporation, shall have participated in such fraud; or 2. Wilfully does any act as such director which is expressly forbidden by statute, or wilfully omits to perform any duty imposed upon him as such director by statute, Is guilty of a misdemeanor, if no other punishment is prescribed therefor by law. The insolvency of a banking corporation is deemed fraudulent unless its affairs appear upon investigation to have been administered fairly, legally and with the same care and diligence that agents receiving a compensation for their services are bound, by law, to observe.
New York Legal Code