1. Unless the director complies with the applicable standards of conduct described in section 490.830, a director who votes for or assents to a distribution made in violation of this chapter or the articles of incorporation is personally liable to the corporation for the amount of the distribution that exceeds what could have been distributed without violating this chapter or the articles of incorporation.
2. A director held liable for an unlawful distribution under subsection 1 is entitled to contribution from both of the following:
a. Every other director who voted for or assented to the distribution without complying with the applicable standards of conduct described in section 490.830.
b. Each shareholder for the amount the shareholder accepted knowing the distribution was made in violation of this chapter or the articles of incorporation.
89 Acts, ch 288, §92
Referred to in § 490.832, 490.858
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