- (a) Any director of a domestic stock or mutual insurer who knowingly votes for, or concurs in, declaration or payment of a dividend to stockholders or members except as authorized in Sections 27-27-37 or 27-27-38 shall, upon conviction thereof, be guilty of a misdemeanor and shall be jointly and severally liable, together with other such directors likewise voting for or concurring, for any loss thereby sustained by the insurer.
- (b) Any stockholder 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 such an illegal dividend.
(Acts 1971, No. 407, p. 707, §535.)