c. 266, § 54

Receipt of deposits by insolvent banks; penalty

Up to 2½ years Fraud & Money Ch. 266 · Crimes Against Property

Official text prohibited actmental stateif conditionpenaltylegal term

Any officer or employee of a bank, as defined in section one of chapter one hundred and sixty-seven, who receives or permits the receipt of any deposit knowing that such bank is insolvent, shall be punished by imprisonment for not more than two and one half years or by a fine of not more than five thousand dollars, or both.

Simplified explanation

A bank officer or employee who receives or permits a deposit knowing the bank is insolvent faces up to 2½ years in prison or a fine of up to $5,000, or both.