47-1A-924.2. Owner liability of shareholder in domesticated foreign corporation.
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/sd/title-47/chapter-47-1/47-1a-924-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The owner liability of a shareholder in a foreign corporation that is domesticated in this state is as follows:
(1)The domestication does not discharge any owner liability under the laws of the foreign jurisdiction to the extent any such owner liability arose before the effective time of the articles of domestication;
(2)The shareholder does not have owner liability under the laws of the foreign jurisdiction for any debt, obligation, or liability of the corporation that arises after the effective time of the articles of domestication;
(3)The provisions of the laws of the foreign jurisdiction shall continue to apply to the collection or discharge of any owner liability preserved by subdivision (1), as if the domestication had not occurred; and
(4)The shareholder has whatever rights of contribution from other shareholders are provided by the laws of the foreign jurisdiction with respect to any owner liability preserved by subdivision (1), as if the domestication had not occurred.