§ 23-38-209 - Excessive dividends -- Liability of directors. - Arkansas Statutes

23-38-209. Excessive dividends -- Liability of directors.

Any members of the board of directors of a building and loan association who knowingly vote to declare or who, being secretary or manager or auditor or examiner thereof, willfully declare, or advise the board of directors of the association to declare, a greater dividend than has actually been earned or has been previously accumulated as surplus by the association shall personally refund the dividend and be liable to the corporation for the amount in excess of earned dividends or accumulated surplus jointly and severally.