§ 441-1008. Liability for improper distributions; limitation of action
Oklahoma Statutes AnnotatedTitle 18. Corporations
18 Okl.St.Ann. § 441-1008
§ 441-1008. Liability for improper distributions; limitation of action
LIABILITY FOR IMPROPER DISTRIBUTIONS; LIMITATION OF ACTION.
(a) A director who consents to a distribution that violates Section 96 of this act1 is personally liable to the limited cooperative association for the amount of the distribution which exceeds the amount that could have been distributed without the violation if it is established that in consenting to the distribution the director failed to comply with Section 83 or 84 of this act.2
(b) A member or transferee of financial rights which received a distribution knowing that the distribution was made in violation of Section 96 of this act3 is personally liable to the limited cooperative association to the extent the distribution exceeded the amount that could have been properly paid.
Credits
Laws 2009, c. 68, § 97, eff. Jan. 1, 2010.
18 Okl. St. Ann. § 441-1008, OK ST T. 18 § 441-1008
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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