Section 293-A:8.33 Liability for Unlawful Distributions. - New Hampshire Statutes

(a) A director who votes for or assents to a distribution made in violation of RSA 293-A:6.40 or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating RSA 293-A:6.40 or the articles of incorporation if it is established that he did not perform his duties in compliance with RSA 293-A:8.30. In any proceeding commenced under this section, a director has all of the defenses ordinarily available to a director.
   (b) A director held liable under subsection (a) for an unlawful distribution is entitled to contribution:
      (1) from every other director who could be held liable under subsection (a) for the unlawful distribution; and
      (2) from each shareholder for the amount the shareholder accepted knowing the distribution was made in violation of RSA 293-A:6.40 or the articles of incorporation.
   (c) A proceeding under this section is barred unless it is commenced within 2 years after the date on which the effect of the distribution was measured under RSA 293-A:6.40(e) or (g).

Source. 1992, 255:1, eff. Jan. 1, 1993.