48.08.040 - Illegal dividends, reductions -- Penalty against directors. - Washington Statutes

Illegal dividends, reductions — Penalty against directors.

Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of a gross misdemeanor.

[1947 c 79 § .08.04; Rem. Supp. 1947 § 45.08.04.]