Okla. Stat. tit. 18, § 18-433
This is the official text of Okla. Stat. tit. 18, § 18-433, part of Oklahoma’s Stat. tit. 18, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 18,." Browse the sections below, each linked to its official government source.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Illegal dividends - Liability of directors
Official statutory text
If the directors of such corporation shall declare and pay any
dividend or apportionment of earnings, or profits to members or
nonmembers when the corporation is insolvent or when it would be
rendered insolvent by such payment, such directors shall be jointly
and severally liable for all debts of the corporation then existing
and for all such debts as shall be thereafter incurred while they
shall respectively continue in office. Any director may relieve
himself from such liability at any time before the time fixed for
Oklahoma Statutes - Title 18. Corporations Page 105
the payment of such dividend or apportionment by filing a
certificate in writing of his objection with the secretary of the
corporation, and with the county clerk of the county in which the
principal office is located.
dividend or apportionment of earnings, or profits to members or
nonmembers when the corporation is insolvent or when it would be
rendered insolvent by such payment, such directors shall be jointly
and severally liable for all debts of the corporation then existing
and for all such debts as shall be thereafter incurred while they
shall respectively continue in office. Any director may relieve
himself from such liability at any time before the time fixed for
Oklahoma Statutes - Title 18. Corporations Page 105
the payment of such dividend or apportionment by filing a
certificate in writing of his objection with the secretary of the
corporation, and with the county clerk of the county in which the
principal office is located.
Status: in_force · Read it on the official government site
Need a lawyer in Oklahoma?
Find a Oklahoma lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.