Oklahoma § 36-2124 Illegal dividends - penalty.

Oklahoma Statutes

§ 36-2124 — Illegal dividends - penalty.

Oklahoma § 36-2124

Title 36Insurance

This text of Oklahoma § 36-2124 (Illegal dividends - penalty.) is published on Counsel Stack Legal Research, covering Oklahoma primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Okla. Stat. tit. 36, § 36-2124 (2026).

Text

A.Any director of a domestic stock or mutual insurer who votes for or concurs in declaration or payment of an illegal dividend to stockholders or members shall upon conviction thereof be guilty of a misdemeanor, and shall be jointly and severally liable, together with other such directors, for any loss thereby sustained by the insurer.

B.The stockholders or members receiving such an illegal 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 an illegal dividend.

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A. Any director of a domestic stock or mutual insurer who votes for or concurs in declaration or payment of an illegal dividend to stockholders or members shall upon conviction thereof be guilty of a misdemeanor, and shall be jointly and severally liable, together with other such directors, for any loss thereby sustained by the insurer. B. The stockholders or members receiving such an illegal 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 an illegal dividend.