§ 190.35 Misconduct by corporate official
PL § 190.35
§ 190.35 Misconduct by corporate official.
A person is guilty of misconduct by corporate official when:
1.Being a director of a stock corporation, he knowingly concurs in any vote or act of the directors of such corporation, or any of them, by which it is intended:
(a)To make a dividend except in the manner provided by law; or
(b)To divide, withdraw or in any manner pay to any stockholder any part of the capital stock of the corporation except in the manner provided by law; or
(c)To discount or receive any note or other evidence of debt in payment of an installment of capital stock actually called in and required to be paid, or with intent to provide the means of making such payment; or
(d)To receive or discount any note or other evidence of debt with intent to enable any stockholder to withdraw any part of the money paid in by him on his stock; or
(e)To apply any portion of the funds of such corporation, directly or indirectly, to the purchase of shares of its own stock, except in the manner provided by law; or
2.Being a director or officer of a stock corporation:
Misconduct by corporate official is a class B misdemeanor.
