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40-515

Chapter 40.--INSURANCE Article 5.--MUTUAL LIFE INSURANCE COMPANIES

40-515. Same; compensation of directors and officers; criminal penalties.(a) No director or officer of any company party to a merger or a consolidation,except as fully expressed in the agreement of merger or consolidation, shallreceive any fee, commission, other compensation or valuable considerationwhatever, directly or indirectly, for in any manner aiding, promoting orassisting in such merger or consolidation.

(b) Any person violating the provisions of this section shall be finednot less than one thousand dollars ($1,000) and not more than five thousanddollars ($5,000) or imprisoned in the county jail for not more than oneyear, or both, and shall forfeit any office held in the merged or consolidated company.

History: L. 1980, ch. 135, § 9; July 1.

State Codes and Statutes

Statutes > Kansas > Chapter40 > Article5 > Statutes_17294

40-515

Chapter 40.--INSURANCE Article 5.--MUTUAL LIFE INSURANCE COMPANIES

40-515. Same; compensation of directors and officers; criminal penalties.(a) No director or officer of any company party to a merger or a consolidation,except as fully expressed in the agreement of merger or consolidation, shallreceive any fee, commission, other compensation or valuable considerationwhatever, directly or indirectly, for in any manner aiding, promoting orassisting in such merger or consolidation.

(b) Any person violating the provisions of this section shall be finednot less than one thousand dollars ($1,000) and not more than five thousanddollars ($5,000) or imprisoned in the county jail for not more than oneyear, or both, and shall forfeit any office held in the merged or consolidated company.

History: L. 1980, ch. 135, § 9; July 1.

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State Codes and Statutes

Statutes > Kansas > Chapter40 > Article5 > Statutes_17294

40-515

Chapter 40.--INSURANCE Article 5.--MUTUAL LIFE INSURANCE COMPANIES

40-515. Same; compensation of directors and officers; criminal penalties.(a) No director or officer of any company party to a merger or a consolidation,except as fully expressed in the agreement of merger or consolidation, shallreceive any fee, commission, other compensation or valuable considerationwhatever, directly or indirectly, for in any manner aiding, promoting orassisting in such merger or consolidation.

(b) Any person violating the provisions of this section shall be finednot less than one thousand dollars ($1,000) and not more than five thousanddollars ($5,000) or imprisoned in the county jail for not more than oneyear, or both, and shall forfeit any office held in the merged or consolidated company.

History: L. 1980, ch. 135, § 9; July 1.