(a) Any director of a domestic stock or mutual insurer who votes for or concurs in the declaration or payment of a dividend, other than as authorized under § 23-69-129 or § 23-69-130, to stockholders or members shall upon conviction be guilty of a Class A misdemeanor and shall be jointly and severally liable, together with other directors likewise voting for or concurring, for any loss sustained by the insurer.(b) Any stockholder receiving such a dividend shall be liable in the amount thereof to the insurer.(c) The Insurance Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid a dividend other than as so authorized.Acts 1959, No. 148, § 484; A.S.A. 1947, § 66-4232; Acts 2005, No. 1994, § 206.
Arkansas Legal Code