American Samoa § 30.0154 - Liability for dividends.
Full text of American Samoa American Samoa Code Annotated § 30.0154 — Liability for dividends., with citation guidance and answers to common questions.
§ 30.0154. Liability for dividends.
The following persons are liable for 6 years from the date of any dividend declared or paid (whichever is the later date) in violation of subsection (b) of 30.0153: (1) any Directors who willfully or negligently approve such payment. The liability shall be joint and several, but shall be limited to the amount of loss sustained by the corporation, its creditors or shareholders, up to the limit of the illegal dividend or dividends. Good faith reliance on the books of the corporation shall be a defense; (2) any shareholder, to the extent of the dividend received by him. If the corporation was already insolvent at the time of such payment, the good faith of the shareholder shall be irrelevant. When the corporation is solvent at the time of the payment of the dividend, good faith shall be a defense.
Frequently Asked Questions About American Samoa § 30.0154
What does American Samoa Code Annotated § 30.0154 cover?
Section 30.0154 ("Liability for dividends.") is part of the American Samoa Code Annotated, the codified statutory law of American Samoa. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite American Samoa § 30.0154?
A common citation format is "American Samoa Code Annotated § 30.0154" (American Samoa). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of American Samoa law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the American Samoa official source linked on this page or consult a licensed American Samoa attorney.
How does American Samoa § 30.0154 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in American Samoa can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in American Samoa.