West Virginia § 33-5-19 Illegal dividends; liability; penalty

West Virginia Statutes

§ 33-5-19 — Illegal dividends; liability; penalty

West Virginia·Ch. 33 Â INSURANCE·Art. 5 ORGANIZATION AND PROCEDURES OF DOMESTIC STOCK AND MUTUAL INSURERS

(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 commissioner may revoke or suspend the license 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 commissioner may revoke or suspend the license of an insurer which has declared or paid an illegal dividend.

West Virginia § 33-5-19 (Illegal dividends; liability; penalty) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.