40-1224. Same; fees of officers or directors, prohibited unless disclosed; penalty. - Kansas Statutes

40-1224

Chapter 40.--INSURANCE Article 12.--MUTUAL INSURANCE COMPANIES OTHER THAN LIFE

      40-1224.   Same; fees of officers or directors, prohibited unlessdisclosed; penalty.(1) No director or officer of any company party to a merger orconsolidation, except as fully expressed in the agreement of merger orconsolidation, shall receive any fee, commission, other compensation orvaluable consideration, whatever, directly or indirectly, for in any manneraiding, promoting or assisting in such merger or consolidation.

      (2)   Any person violating the provisions of the preceding section shallbe fined not less than one thousand dollars ($1,000), and not more thanfive thousand dollars ($5,000) or imprisoned in the county jail for notmore than one (1) year, or both, and shall forfeit any office he holds inthe merged or consolidated company.

      History:   L. 1957, ch. 289, § 9; June 29.