RCW 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.]
Structure Revised Code of Washington
Chapter 48.08 - Domestic Stock Insurers.
48.08.010 - Increase of capital stock.
48.08.020 - Reduction of capital stock.
48.08.030 - Dividends to stockholders.
48.08.040 - Illegal dividends, reductions—Penalty against directors.
48.08.050 - Impairment of capital.
48.08.060 - Repayment of contributions to surplus.
48.08.070 - Participating policies.
48.08.080 - Mutualization of stock insurers.
48.08.090 - Stockholder meetings—Duty to inform stockholders of matters to be presented—Proxies.
48.08.100 - Equity security—Defined.
48.08.110 - Equity security—Duty to file statement of ownership.
48.08.120 - Equity security—Profits from short term transactions—Remedies—Limitation of actions.
48.08.130 - Equity security—Sales, unlawful practices.
48.08.140 - Equity security—Exemptions—Sales by dealer.
48.08.150 - Equity security—Exemptions—Foreign or domestic arbitrage transactions.
48.08.170 - Equity security—Rules and regulations.
48.08.190 - Failure to file required information, documents, or reports—Forfeiture.