N.D. Cent. Code § 10-19.1-69
This is the official text of N.D. Cent. Code § 10-19.1-69, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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10-19.1-69. Liability of subscribers and shareholders with respect to shares
Official statutory text
10-19.1-69. Liability of subscribers and shareholders with respect to shares
1. A holder of or subscriber for shares of a corporation is under no obligation to the
corporation or its creditors with respect to such shares other than the obligation to pay
to the corporation the full consideration of which such shares were issued or to be
issued. As such, a shareholder is not personally liable for the acts or debts of the
corporation.
2. Any person becoming an assignee or transferee of shares or of a subscription for
shares in good faith and without knowledge or notice that the full consideration
therefore has not been paid shall not be personally liable to the corporation or its
creditors for any unpaid portion of such consideration.
3. A personal representative, conservator, guardian, trustee, assignee for the benefit of
creditors, or a receiver is not personally liable to the corporation as a holder of or
subscriber for shares of a corporation but the estate and funds in said person's hands
are liable.
4. No pledgee or other holder of shares as collateral security is personally liable as a
shareholder.
1. A holder of or subscriber for shares of a corporation is under no obligation to the
corporation or its creditors with respect to such shares other than the obligation to pay
to the corporation the full consideration of which such shares were issued or to be
issued. As such, a shareholder is not personally liable for the acts or debts of the
corporation.
2. Any person becoming an assignee or transferee of shares or of a subscription for
shares in good faith and without knowledge or notice that the full consideration
therefore has not been paid shall not be personally liable to the corporation or its
creditors for any unpaid portion of such consideration.
3. A personal representative, conservator, guardian, trustee, assignee for the benefit of
creditors, or a receiver is not personally liable to the corporation as a holder of or
subscriber for shares of a corporation but the estate and funds in said person's hands
are liable.
4. No pledgee or other holder of shares as collateral security is personally liable as a
shareholder.
Status: in_force · Read it on the official government site
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