Alabama Code 10A-3A-8.32. Directors’ liability for unlawful distributions
Current as of: 2024 | Check for updates
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Attorney's Note
Under the Alabama Code, punishments for crimes depend on the classification. In the case of this section:Class | Prison | Fine |
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Violation | up to 30 days | up to $200 |
Terms Used In Alabama Code 10A-3A-8.32
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
- year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1