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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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for window-dressing the bank's financial statements to conceal massive bad loans and authorizing illegal dividend payments, 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. 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 |
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