Revised Code of Washington - RCW Title 48 Insurance - Section 48.08.040 Illegal dividends, reductions -- Penalty against directors

§ 48.08.040. 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.]

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Last modified: April 7, 2009