Oklahoma § 36-2124 Illegal dividends - penalty.

Oklahoma Statutes

§ 36-2124 — Illegal dividends - penalty.

Oklahoma·Title 36 Insurance

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.

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