Oklahoma § 18-433 - Illegal dividends - Liability of directors
Full text of Oklahoma Oklahoma Statutes § 18-433 — Illegal dividends - Liability of directors, with citation guidance and answers to common questions.
§ 18-433. Illegal dividends - Liability of directors
If the directors of such corporation shall declare and pay any
dividend or apportionment of earnings, or profits to members or
nonmembers when the corporation is insolvent or when it would be
rendered insolvent by such payment, such directors shall be jointly
and severally liable for all debts of the corporation then existing
and for all such debts as shall be thereafter incurred while they
shall respectively continue in office. Any director may relieve
himself from such liability at any time before the time fixed for
Oklahoma Statutes - Title 18. Corporations
the payment of such dividend or apportionment by filing a
certificate in writing of his objection with the secretary of the
corporation, and with the county clerk of the county in which the
principal office is located.
Laws 1919, c. 147, p. 214, § 13.
Source: official Oklahoma text · Last verified 2026-08-27
Frequently Asked Questions About Oklahoma § 18-433
What does Oklahoma Statutes § 18-433 cover?
Section 18-433 ("Illegal dividends - Liability of directors") is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. 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 Oklahoma § 18-433?
A common citation format is "Oklahoma Statutes § 18-433" (Oklahoma). 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 Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 18-433 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma 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 Oklahoma.