Each employer who, under a collective bargaining agreement, deducts dues from an employee’s pay for payment to a union shall make the payment within 30 days after it is required. Each employer or union official who, under a collective bargaining or other agreement with an employee, agrees to make a payment into a health or welfare fund, a pension fund, a vacation plan, or any other similar fund or plan for employees shall make the payment within 30 days after it is required. An employer or union official who knowingly fails to make a payment under subsection (a) or (b) of this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $1,000 or imprisonment not exceeding 1 year or both. If the employer is a corporation, each corporate officer who exercises executive functions is guilty of a misdemeanor.