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O.C.G.A. § 33-14-74 — Liability of directors for declaration or payment of illegal dividend | Georgia Code
O.C.G.A. § 33-14-74 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 33 INSURANCE

Section 14. Domestic Stock and Mutual Insurers, 33-14-1 through 33-14-109.

ARTICLE 3 DOMESTIC MUTUAL INSURERS

33-14-74. Liability of directors for declaration or payment of illegal dividend.

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.

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

Cross references.

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

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This Georgia Code resource is curated by the attorney maintaining this site, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. Attorney Syfert regularly works with Title 33 in the context of Georgia insurance coverage law and represents clients throughout Northeast Florida and South Georgia. For legal consultation, call 904-383-7448.