Oklahoma § 36-2124 - Illegal dividends - penalty
Full text of Oklahoma Oklahoma Statutes § 36-2124 — Illegal dividends - penalty, with citation guidance and answers to common questions.
§ 36-2124. Illegal dividends - penalty
A. Any director of a domestic stock or mutual insurer who votes
for or concurs in declaration or payment of an illegal dividend to
stockholders or members shall upon conviction thereof be guilty of a
misdemeanor, and shall be jointly and severally liable, together
with other such directors, for any loss thereby sustained by the
insurer.
B. The stockholders or members receiving such an illegal
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 an
illegal dividend.
Laws 1957, p. 309, § 2124.
Oklahoma Statutes - Title 36. Insurance
Frequently Asked Questions About Oklahoma § 36-2124
What does Oklahoma Statutes § 36-2124 cover?
Section 36-2124 ("Illegal dividends - penalty") 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 § 36-2124?
A common citation format is "Oklahoma Statutes § 36-2124" (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 § 36-2124 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.