Sec. 21.318. CONTRIBUTION FROM CERTAIN SHAREHOLDERS AND DIRECTORS. (a) A director who is held liable for a claim asserted under Section 21.316 is entitled to receive contributions from shareholders who accepted or received the wrongful distribution knowing that it was prohibited by Section 21.303 in proportion to the amounts received by the shareholders.
(b) A director who is liable for a claim asserted under Section 21.316 is entitled to receive contributions from each of the other directors who are liable with respect to that claim in an amount appropriate to achieve equity.
(c) The liability provided by Subsection (a) is the only liability of a shareholder to the corporation or a creditor of the corporation for accepting or receiving a distribution by the corporation that is prohibited by Section 21.303, except for any liability under Chapter 24, Business & Commerce Code, or the United States Bankruptcy Code.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Structure Texas Statutes
Chapter 21 - For-Profit Corporations
Subchapter G. Distributions and Share Dividends
Section 21.302. Authority for Distributions
Section 21.303. Limitations on Distributions
Section 21.305. Notice of Redemption
Section 21.306. Deposit of Money for Redemption
Section 21.307. Payment of Redeemed Shares
Section 21.308. Priority of Distributions
Section 21.309. Reserves, Designations, and Allocations From Surplus
Section 21.310. Authority for Share Dividends
Section 21.311. Limitations on Share Dividends
Section 21.312. Value of Shares Issued as Share Dividends
Section 21.313. Transfer of Surplus for Share Dividends
Section 21.314. Determination of Solvency, Net Assets, Stated Capital, and Surplus
Section 21.315. Date of Determination of Solvency, Net Assets, Stated Capital, and Surplus
Section 21.316. Liability of Directors for Wrongful Distributions
Section 21.317. Statute of Limitations on Action for Wrongful Distribution
Section 21.318. Contribution From Certain Shareholders and Directors