Wyoming § 17-10-118 Liability of directors upon payment of
dividends or appointment when corporation insolvent; exception

Wyoming Statutes

§ 17-10-118 — Liability of directors upon payment of dividends or appointment when corporation insolvent; exception

Wyoming·Title 17 Corporations, Partnerships and Associations·Ch. 10 COOPERATIVE MARKETING ASSOCIATIONS·Art. 1 IN GENERAL

If the directors of any corporation organized under this act
shall declare and pay any dividend or apportionment of earnings
or profits to members or nonmembers when the corporation is
insolvent or when it would be rendered insolvent by such
payment, such directors shall be jointly and severally liable
for all debts of the corporation then existing and for all such
debts thereafter incurred while they shall respectively continue
in office. Any director may relieve himself from such liability
at any time before the time fixed for the payment of such
dividend or apportionment by filing a certificate in writing of
his objection with the secretary of the corporation, and with
the county clerk of the county in which the principal office is
located.

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If the directors of any corporation organized under this act
shall declare and pay any dividend or apportionment of earnings
or profits to members or nonmembers when the corporation is
insolvent or when it would be rendered insolvent by such
payment, such directors shall be jointly and severally liable
for all debts of the corporation then existing and for all such
debts thereafter incurred while they shall respectively continue
in office. Any director may relieve himself from such liability
at any time before the time fixed for the payment of such
dividend or apportionment by filing a certificate in writing of
his objection with the secretary of the corporation, and with
the county clerk of the county in which the principal office is
located.

Wyoming § 17-10-118 (Liability of directors upon payment of dividends or appointment when corporation insolvent; exception) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.