40-515. Same; compensation of directors and officers; criminal penalties. (a) No director or officer of any company party to a merger or a consolidation, except as fully expressed in the agreement of merger or consolidation, shall receive any fee, commission, other compensation or valuable consideration whatever, directly or indirectly, for in any manner aiding, promoting or assisting in such merger or consolidation.
(b) Any person violating the provisions of this section shall be fined not less than one thousand dollars ($1,000) and not more than five thousand dollars ($5,000) or imprisoned in the county jail for not more than one year, or both, and shall forfeit any office held in the merged or consolidated company.
History: L. 1980, ch. 135, ยง 9; July 1.
Structure Kansas Statutes
Article 5 - Mutual Life Insurance Companies
40-502 Directors and officers; vacancies; elections.
40-504 Certificate of authority; procedure and fee; duties of attorney general.
40-505 Suspension of business.
40-507 Merger or consolidation; order of commissioner directing delivery of assets.
40-508 Same; merger and consolidation defined.
40-509 Same; resolution of boards of directors.
40-511 Same; approval by two-thirds vote of policyholders; notice of meeting; summary of agreement.
40-512 Same; impaired insurer.
40-513 Same; articles of merger or consolidation, requirements.
40-515 Same; compensation of directors and officers; criminal penalties.
40-516 Same; act supplemental to insurance code; severability.