§414D-152 - Liability for unlawful distributions.
[§414D-152] Liability for unlawful
distributions. (a) Unless a director complies with the applicable
standards of conduct described in section 414D‑149, a director who votes
for or assents to a distribution made in violation of this chapter shall be personally
liable to the corporation for the amount of the distribution that exceeds what
could have been distributed without violating this chapter.
(b) A director held liable for an unlawful
distribution under subsection (a) is entitled to contribution from:
(1) Every other director who voted for or assented to
the distribution without complying with the applicable standards of conduct
described in section 414D‑149; and
(2) Each person who received an unlawful distribution
for the amount of the distribution whether or not the person receiving the
distribution knew it was made in violation of this chapter. [L 2001, c 105, pt
of §1]