{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-1053","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-1053","heading":"Liability of Directors for Unlawful Payment of Dividend","body":"or Unlawful Stock Purchase or Redemption - Exoneration from\n\nLiability - Contribution among Directors - Subrogation.\n\nLIABILITY OF DIRECTORS FOR UNLAWFUL PAYMENT OF DIVIDEND OR UNLAWFUL\n\nSTOCK PURCHASE OR REDEMPTION; EXONERATION FROM LIABILITY;\n\nCONTRIBUTION AMONG DIRECTORS; SUBROGATION\n\nA. In case of any willful or negligent violation of the\n\nprovisions of Sections 41 and 52 of this act, the directors under\n\nwhose administration the same may happen shall be jointly and\n\nseverally liable, at any time within six (6) years after paying any\n\nunlawful dividend or after any unlawful stock purchase or\n\nredemption, to the corporation, and to its creditors in the event of\n\nits dissolution or insolvency, to the full amount of the dividend\n\nunlawfully paid, or to the full amount unlawfully paid for the\n\npurchase or redemption of the corporation's stock, with interest\n\nfrom the time such liability accrued. Any director who may have\n\nbeen absent when the same was done, or who may have dissented from\n\nthe act or resolution by which the same was done, may exonerate\n\nhimself from such liability by causing his dissent to be entered on\n\nthe books containing the minutes of the proceedings of the directors\n\nat the time the same was done, or immediately after he has notice of\n\nthe same.\n\nB. Any director against whom a claim is successfully asserted\n\nunder the provisions of this section shall be entitled to\n\ncontribution from the other directors who voted for or concurred in\n\nthe unlawful dividend, stock purchase or stock redemption.\n\nC. Any director against whom a claim is successfully asserted\n\nunder this section shall be entitled, to the extent of the amount\n\npaid by him as a result of such claim, to be subrogated to the\n\nrights of the corporation against shareholders who received the\n\ndividend on, or assets for the sale or redemption of, their stock\n\nwith knowledge of facts indicating that such dividend, stock\n\npurchase or redemption was unlawful pursuant to the provisions of\n\nthe Oklahoma General Corporation Act, in proportion to the amounts\n\nreceived by such shareholders respectively.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"836eeb29db8570cd4ea15acdc5ddcd763054a5bd3f3ffe5ec47fcf2b3c737266","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-1052","next":"us-ok/okla.-stat.-tit.-18-18-1054"},"notice":"GroundRules: Original legal text. Not legal advice."}