35-14-622. Liability of shareholders.
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/mt/title-35/chapter-14/part-6/35-14-622·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-14-622 . Liability of shareholders.
(1)A purchaser from a corporation of the corporation's own shares is not liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued or specified in the subscription agreement.
(2)A shareholder of a corporation is not personally liable for any liabilities of the corporation, including liabilities arising from acts of the corporation, except:
(a)to the extent provided in a provision of the articles of incorporation permitted by 35-14-202 (2)(b)(v); and
(b)that a shareholder may become personally liable by reason of the shareholder's own acts or conduct.