468.45.8. A member of the board of directors who, knowingly, by a vote or otherwise, authorizes(1) the constitution of a working fund or its capital endowment for an amount exceeding the percentage prescribed in the third paragraph of section 468.45.7;
(2) the investment of the moneys in the fund otherwise than in the manner prescribed in the fourth paragraph of section 468.45.7; or
(3) the use of the available moneys, if the working fund is abolished, otherwise than in the manner prescribed in the sixth paragraph of section 468.45.7
may be declared disqualified to hold municipal office for two years and may be held personally liable towards the management board for any loss or damage suffered by it.
The liability mentioned in the first paragraph is joint and several and it applies to every officer or employee of the management board who knowingly is a party to the unlawful act.
Proceedings for the declaration of disqualification are taken in accordance with articles 838 to 843 of the Code of Civil Procedure (chapter C-25); an ordinary action is taken to obtain compensation for loss or damage. Any ratepayer may exercise such recourses. Disqualification may also be declared by means of an action for declaration of disqualification under the Act respecting elections and referendums in municipalities (chapter E-2.2).