---
title: O.C.G.A. § 33-14-42. Illegal dividends.
collection: code
id: 33-14-42
cite_as: O.C.G.A. § 33-14-42 (2025)
canonical_url: https://georgiacommons.org/code/33-14-42
md_url: https://georgiacommons.org/code/33-14-42.md
text_url: https://georgiacommons.org/code/33-14-42/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t33-ch1-22-(v24)-2020-pdf.pdf?sfvrsn=a873240d_0#page=683
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/33-14.md
previous: https://georgiacommons.org/code/33-14-41.md
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index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: INSURANCE / DOMESTIC STOCK AND MUTUAL INSURERS / DOMESTIC STOCK INSURERS
---

# O.C.G.A. § 33-14-42. Illegal dividends.

(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.

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

(c) 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.