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30.0154 Liability for dividends.

Cite as [A.S.C.A. § 30.0154]

The following persons are liable for 6 years from the date of any dividend declared or paid (whichever is the later date) in violation of subsection (b) of 30.0153:

(1) any Directors who willfully or negligently approve such payment. The liability shall be joint and several, but shall be limited to the amount of loss sustained by the corporation, its creditors or shareholders, up to the limit of the illegal dividend or dividends. Good faith reliance on the books of the corporation shall be a defense;

(2) any shareholder, to the extent of the dividend received by him. If the corporation was already insolvent at the time of such payment, the good faith of the shareholder shall be irrelevant. When the corporation is solvent at the time of the payment of the dividend, good faith shall be a defense.

History: 1962, PL 7-20.