Liability for dividend payments
98If the directors of the company declare and pay any dividend when the company is insolvent, or any dividend, the payment of which renders the company insolvent, or impairs the capital thereof, they are jointly and severally liable, as well to the company as to the individual shareholders and creditors thereof, for all the debts of the company then existing and for all debts thereafter contracted during their continuance in office, respectively; but if any director present when such dividend is declared does forthwith, or if any director then absent does within twenty-four hours after he becomes aware of the declaration and is able so to do, enter on the minutes of the board of directors his protest against the declaration, and within eight days thereafter publishes such protest in at least one newspaper published at the place in which the head office or chief place of business of the company is situated or, if no newspaper is there published then in The Royal Gazette, such director may, thereby, and not otherwise, exonerate himself from such liability.