{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-441-1008","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-441-1008","heading":"Liability for improper distributions - Limitation of","body":"action.\n\nLIABILITY FOR IMPROPER DISTRIBUTIONS; LIMITATION OF ACTION.\n\n(a) A director who consents to a distribution that violates\n\nSection 96 of this act is personally liable to the limited\n\ncooperative association for the amount of the distribution which\n\nexceeds the amount that could have been distributed without the\n\nviolation if it is established that in consenting to the\n\ndistribution the director failed to comply with Section 83 or 84 of\n\nthis act.\n\n(b) A member or transferee of financial rights which received a\n\ndistribution knowing that the distribution was made in violation of\n\nSection 96 of this act is personally liable to the limited\n\ncooperative association to the extent the distribution exceeded the\n\namount that could have been properly paid.\n\n(c) A director against whom an action is commenced under\n\nsubsection (a) may:\n\n(1) Implead in the action any other director who is liable\n\nunder subsection (a) of this section and compel contribution from\n\nthe person; and\n\n(2) Implead in the action any person that is liable under\n\nsubsection (b) of this section and compel contribution from the\n\nperson in the amount the person received as described in subsection\n\n(b) of this section.\n\n(d) An action under this section is barred if it is commenced\n\nlater than two (2) years after the distribution.","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":"d59bb0d856564838fe0df7e52ecba7def7d0b35d44de58506f7a3a937e073b67","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-441-1007","next":"us-ok/okla.-stat.-tit.-18-18-441-1009"},"notice":"GroundRules: Original legal text. Not legal advice."}