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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 14. DOMESTIC STOCK AND MUTUAL INSURERS · Article 2. DOMESTIC STOCK INSURERS

33-14-42. Illegal dividends.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    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.#

  2. (b)

    The stockholders receiving such an illegal dividend shall be liable in the amount thereof to the insurer.#

  3. (c)

    The Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid an illegal dividend.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 56-1525, enacted by Ga. L. 1960, p. 289, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch1-22-(v24)-2020-pdf.pdf, Volume V24, 2020 edition, page 683; merge action: carried; file SHA-256 4ecec175d949.