Circulation of obligations of expired corporations
Official text prohibited actmental stateif conditionpenaltylegal term
Whoever, being a director, officer, or agent of a corporation created by Act of Congress, the charter of which has expired, or trustee thereof, or an agent of such trustee, or a person having in his possession or under his control the property of such corporation for the purpose of paying or redeeming its notes and obligations, knowingly issues, reissues, or utters as money, or in any other way knowingly puts in circulation any bill, note, check, draft, or other security purporting to have been made by any such corporation, or by any officer thereof, or purporting to have been made under authority derived therefrom, shall be or imprisoned not more than five years, or both.
History: (June 25, 1948, ch. 645, 62 Stat. 700 (PDF, 39 MB); Pub. L. 103–322, title XXXIII, §330016(1)(L), Sept. 13, 1994, 108 Stat. 2147 (PDF, 52 MB).)
Simplified explanation
It is a federal crime for directors, officers, agents, trustees, or property holders of a corporation created by Congress whose charter has expired to knowingly issue or circulate as money any note, check, or other security that appears to come from that corporation.