N.D. Cent. Code § 10-19.1-94
This is the official text of N.D. Cent. Code § 10-19.1-94, 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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10-19.1-94. Liability of shareholders for illegal distributions
Official statutory text
10-19.1-94. Liability of shareholders for illegal distributions
1. A shareholder who knows or should have known that a distribution was made in
violation of section 10-19.1-92 is liable to the corporation, its receiver or other person
winding up its affairs, or a director under subsection 2 of section 10-19.1-95 but only to
the extent that the distribution received by the shareholder exceeded the amount that
properly could have been paid under section 10-19.1-92.
2. An action may not be commenced under this section more than two years from the
date of the distribution.
1. A shareholder who knows or should have known that a distribution was made in
violation of section 10-19.1-92 is liable to the corporation, its receiver or other person
winding up its affairs, or a director under subsection 2 of section 10-19.1-95 but only to
the extent that the distribution received by the shareholder exceeded the amount that
properly could have been paid under section 10-19.1-92.
2. An action may not be commenced under this section more than two years from the
date of the distribution.
Status: in_force · Read it on the official government site
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