Prohibition against accepting deposits while insolvent

(1) A licensee that receives any deposit while insolvent shall, on being called upon in writing by the Central Bank, pay a fine not exceeding fifty thousand dollars and a sum of ten thousand dollars for each day that the failure continues. (2) Any director or officer of a licensee described in sub- section (1) who knows or, in the proper performance of his duties, should know of the insolvency of such bank, and who receives, or authorizes the acceptance of a deposit shall, on being called upon in writing by the Central Bank, pay a fine not exceeding twenty five thousand dollars and a sum of ten thousand dollars for each day that the failure continues.