Arkansas Statutes
§ 4-33-833 — Liability for unlawful distributions
Arkansas·Title 4
(a)Unless a director complies with the applicable standards of conduct described in § 4-33-830 , a director who votes for or assents to a distribution made in violation of this chapter is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating this chapter.
(b)A director held liable for an unlawful distribution under subsection (a) of this section is entitled to contribution:
(1)from every other director who voted for or assented to the distribution without complying with the applicable standards of conduct described in § 4-33-830 ; and (2) from each person who received an unlawful distribution for the amount of the distribution whether or not the person receiving the distribution knew it was made in violati
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Legislative History
Acts 1993, No. 1147, § 833.
Nearby Sections
15
§ 4-1-101
Short titles§ 4-1-102
Scope of subtitle§ 4-1-104
Construction against implicit repeal§ 4-1-105
Severability§ 4-1-106
Use of singular and plural - Gender§ 4-1-107
Section captions§ 4-1-201
General definitions§ 4-1-202
Notice - Knowledge§ 4-1-204
Value§ 4-1-205
Reasonable time - Seasonableness§ 4-1-206
Presumptions