§ 433. Illegal dividends--Liability of directors
Oklahoma Statutes AnnotatedTitle 18. Corporations
18 Okl.St.Ann. § 433
§ 433. Illegal dividends--Liability of directors
If the directors of such corporation 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 as shall be 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.
Credits
Laws 1919, c. 147, p. 214, § 13.
18 Okl. St. Ann. § 433, OK ST T. 18 § 433
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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