Section 8. Prohibited acts.
(a) If a member of PDIC shall fail to file any report or information required pursuant to this act, or shall fail to pay when due all or any part of an assessment made upon such member pursuant to this act, and such failure shall not have been cured, by the filing of such report of information or by the making of such payment, together with interest thereon, within five days after receipt by such member of written notice of such failure given by or on behalf of PDIC, such private bank shall cease to be a member of PDIC, and may be sued by PDIC in Court. If such member denies that he owes all or any part of the amount specified in such notice, he may after payment of the full amount so specified commence an action against PDIC in the Court to recover the amount he denies owing. The department shall take such action as it deems appropriate against any private bank which ceases to be a member of PDIC. ((a) repealed in part Oct. 5, 1980, P.L.693, No.142)
(b) Whoever steals, unlawfully abstracts, unlawfully and willfully converts to his own use or to the use of another, or embezzles any of the moneys, securities, or other assets of PDIC shall be fined not more than $50,000 or imprisoned not more than five years or both.