Arkansas § 23-69-131 Unauthorized dividends prohibited

Arkansas Statutes

§ 23-69-131 — Unauthorized dividends prohibited

Arkansas § 23-69-131

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This text of Arkansas § 23-69-131 (Unauthorized dividends prohibited) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-69-131 (2026).

Text

(a)Any director of a domestic stock or mutual insurer who votes for or concurs in the declaration or payment of a dividend, other than as authorized under § 23-69-129 or § 23-69-130 , to stockholders or members shall upon conviction be guilty of a Class A misdemeanor and shall be jointly and severally liable, together with other directors likewise voting for or concurring, for any loss sustained by the insurer.

(b)Any stockholder receiving such a dividend shall be liable in the amount thereof to the insurer.

(c)The Insurance Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid a dividend other than as so authorized.

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(a) Any director of a domestic stock or mutual insurer who votes for or concurs in the declaration or payment of a dividend, other than as authorized under § 23-69-129 or § 23-69-130 , to stockholders or members shall upon conviction be guilty of a Class A misdemeanor and shall be jointly and severally liable, together with other directors likewise voting for or concurring, for any loss sustained by the insurer. (b) Any stockholder receiving such a dividend shall be liable in the amount thereof to the insurer. (c) The Insurance Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid a dividend other than as so authorized.