Washington § 48.08.040 - Illegal dividends, reductions — Penalty against directors.

Full text of Washington Revised Code of Washington § 48.08.040 — Illegal dividends, reductions — Penalty against directors., with citation guidance and answers to common questions.

§ 48.08.040. Illegal dividends, reductions — Penalty against directors.

Any director of a domestic stock insurer who votes for or concurs in the declaration or payment of any dividend to stockholders or a reduction of capital stock not authorized by law shall, in addition to any other liability imposed by law, be guilty of a gross misdemeanor.
[1947 c 79 s .08.04; Rem. Supp. 1947 s 45.08.04.]

Source: official Washington text · Last verified 2026-08-27

Frequently Asked Questions About Washington § 48.08.040

What does Revised Code of Washington § 48.08.040 cover?

Section 48.08.040 ("Illegal dividends, reductions — Penalty against directors.") is part of the Revised Code of Washington, the codified statutory law of Washington. 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 Washington § 48.08.040?

A common citation format is "Revised Code of Washington § 48.08.040" (Washington). 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 Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 48.08.040 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington 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 Washington.