46-1-310 - Action by state for recovery of illegally paid dividends. - Tennessee Statutes

46-1-310. Action by state for recovery of illegally paid dividends.

(a)  The state is authorized to recover from stockholders, for the use of the company, dividends illegally paid under § 46-1-205.

(b)  The state is also authorized to recover from the officers and directors of the company and the cemetery operators, at any time, for the use of the company, an amount sufficient to bring the improvement care trust fund up to the amount required, together with reasonable attorney's fees for the attorney handling the suit, to be fixed and adjudged by the court trying the case.

[Acts 1927, ch. 75, § 10; Code 1932, § 3932; Acts 1968, ch. 557, §§ 2, 4; T.C.A. (orig. ed.), § 46-115; T.C.A., §§ 46-215, 46-2-115; T.C.A. § 46-2-309; Acts 2006, ch. 1012, § 4.]