O.C.G.A.
O.C.G.A.

O.C.G.A. § 33-14-74 (2019)

Liability of directors for declaration or payment of illegal dividend

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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Any director of a domestic mutual insurer who willfully and with knowledge votes for or concurs in a declaration or payment of a dividend which reduces surplus below the minimum required surplus shall be guilty of a misdemeanor and shall be jointly and severally liable, together with other such directors likewise voting for or concurring in willfully and with knowledge, for any loss thereby sustained by the insurer.

History

Code 1933, § 56-1526, enacted by Ga. L. 1960, p. 289, § 1.

Annotations

Cross references. - Punishment for misdemeanors generally, § 17-10-3.