Liability for unlawful distributions

HRS §414D-152, under Chapter 414D.

HRS §414D-152

[§414D-152] Liability for unlawful distributions. (a) Unless a director complies with the applicable standards of conduct described in section 414D-149, a director who votes for or assents to a distribution made in violation of this chapter shall be personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating this chapter.

(b) A director held liable for an unlawful distribution under subsection (a) is entitled to contribution from: