38.2-4018 - Liability on officers and directors for failing to levy assessments. - Virginia Statutes

§ 38.2-4018. Liability on officers and directors for failing to levyassessments.

The officers or directors of any society who, after due proof of death hasbeen filed, for sixty days refuse or neglect to levy an assessment to pay aclaim not disputed by reason of fraud or validity when the death or emergencyfund is insufficient to pay the claim, shall be liable to the beneficiary ofthe certificate. The liability of the officers or directors shall be for asum not exceeding the face amount of the claim.

(Code 1950, §§ 38-145, 38-454; 1952, c. 317, §§ 38.1-549, 38.1-555; 1986, c.562.)