No executive officer, director, or principal shareholder of a member bank or any of its affiliates shall knowingly receive (or knowingly permit any of that person's related interests to receive) from a member bank, directly or indirectly, any extension of credit not authorized under this part.
authority: 12 U.S.C. 248(a), 375a(10), 375b(9) and (10), 1468, 1817(k), 5412; and Pub. L. 102-242, 105 Stat. 2236 (1991) (
12 U.S.C. 1811 note)
source: Reg. O, 59 FR 8837, Feb. 24, 1994, unless otherwise noted.
cite as: 12 CFR 215.6