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Illegal Dividend

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Illegal dividend
A corporation's dividend that is declared in violation of its charter and/or of state laws, typically because of the way it is calculated.
Illegal Dividend
A dividend that is calculated in such a way that it violates either the charter of the corporation or applicable laws. Illegal dividends are sometimes declared, but they may not be distributed.
illegal dividend
A declared dividend that violates the corporate charter or the laws of the state in which the firm is incorporated.
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TOKYO, July 18 Kyodo (EDS: ADDING INFO) The Supreme Court on Friday acquitted three former top executives of the failed Long-Term Credit Bank of Japan, who were indicted for window-dressing the bank's financial statements to conceal massive bad loans and authorizing illegal dividend payments, overruling the lower courts' guilty verdict.
LEAD: Guilty verdict scrapped, 3 ex-bankers found not guilty by top ... by Japan Weekly Monitor
The taxman is increasingly likely to argue that excessive or illegal dividends should be re-classed as earnings or be repayable to the company," he said.
Company directors warned of pitfalls over dividends by Coventry Evening Telegraph (England)
the directors are liable if the corporation does not pay the amounts owed): * Illegal Dividends -- Directors may be held personally liable to the corporation, or to the corporation's creditors in the event of dissolution or insolvency, for any willful or merely negligent payment of an unlawful dividend.
As directors approach the 'zone of insolvency' by CIERI, RICHARD M.; ELLMAN, JEFFREY B. / Directors & Boards
 
 
 
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