- Any director of a domestic stock insurer who votes for or concurs in declaration or payment of an illegal dividend to stockholders shall upon conviction thereof be guilty of a misdemeanor and shall be jointly and severally liable together with other such directors for any loss thereby sustained by the insurer.
- The stockholders receiving such an illegal dividend shall be liable in the amount thereof to the insurer.
- The Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid an illegal dividend.
History. Code 1933, § 56-1525, enacted by Ga. L. 1960, p. 289, § 1.