Illegal dividends, reductions—Penalty against directors.

  1. Law
  2. Revised Code of Washington
  3. Insurance
  4. Domestic Stock Insurers.
  5. Illegal dividends, reductions—Penalty against directors.

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Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of a gross misdemeanor.

[1947 c 79 § .08.04; Rem. Supp. 1947 § 45.08.04.]


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