(1) Except as provided in subsection (c) of this section, all corporations doing business in this state that employ any salespersons, mechanics, laborers, or other servants for the transaction of business shall pay the wages of the employees no less frequently than semimonthly.
(2) Any corporation that shall, through its president or otherwise, violate subsections (a) and (c) of this section shall be deemed guilty of a misdemeanor and on conviction shall be fined in any sum not less than fifty dollars ($50.00) nor more than five hundred dollars ($500) for each offense.
(3) All corporations with an annual gross income of five hundred thousand dollars ($500,000), or more, doing business in this state who shall employ any salespersons, mechanics, laborers, or other servants for the transaction of their business shall pay the wages of their management level and executive employees who are exempt under the provisions of Section 13 of the Fair Labor Standards Act, from the provisions of Sections 6 and 7 of that act, and who are compensated at a gross rate in excess of twenty-five thousand dollars ($25,000) per year, at a minimum of once each calendar month.