Corporate credit; fraudulent use
Official text prohibited actmental stateif conditionpenaltylegal term
An officer, agent, clerk or servant of a corporation organized or doing business in the commonwealth, who wilfully uses the name of such corporation, or his own name as such officer, agent, clerk or servant, to obtain money upon the credit of such corporation for his own use or benefit, without authority from such corporation, or who fraudulently lends, invests or appropriates the money or disposes of the property of such corporation, or fraudulently converts it, shall be punished by imprisonment in the state prison for not more than ten years.
Simplified explanation
A corporate officer, agent, clerk or servant who wilfully uses the corporation's credit for personal benefit without authority, or fraudulently lends, appropriates or converts its money or property, faces up to 10 years in state prison.