Every director of a licensee who: 1. In case of the fraudulent insolvency of such company, participated in such fraud; or 2. Willfully does any act as such director which is expressly forbidden by law or willfully omits to perform any duty imposed upon him or her as such director by law, is guilty of a misdemeanor. The insolvency of a licensee is fraudulent for the purposes of this section, unless its affairs appear upon investigation to have been administered clearly, legally and with the same care and diligence that agents receiving a compensation for their services are bound by law to observe.
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