§ 27-28-506 — Refusal To Deliver Assets Or Papers To Trustees -- Punishment For Contempt -- Liability

27-28-506 . Refusal to deliver assets or papers to trustees -- punishment for contempt -- liability. An officer of the corporation who refuses or neglects to deliver over any money or other things pursuant to the demand is considered guilty of a contempt of court and shall be fined an amount not exceeding $10,000 and imprisoned in the jail of the proper county until the officer complies with the order of the court or is otherwise discharged by due course of law. The officer is liable to the trustees for the value of all money or other things refused or neglected to be surrendered, together with all damages that have been sustained by the stockholders and creditors of the corporation, or any of them, in consequence of the neglect or refusal.

Legislative History

En. Sec. 1431, C. Civ. Proc. 1895; re-en. Sec. 6964, Rev. C. 1907; re-en. Sec. 9597, R.C.M. 1921; re-en. Sec. 9597, R.C.M. 1935; R.C.M. 1947, 93-6422; amd. Sec. 735, Ch. 56, L. 2009.