16-10a-622. Liability of shareholders.
(1) A purchaser from a corporation of shares issued by the corporation is not liable to the
corporation or its creditors with respect to the shares except to pay or provide the consideration
for which the issuance of the shares was authorized under Section 16-10a-621 or specified in the
subscription agreement under Section 16-10a-620.
(2) Unless otherwise provided in the articles of incorporation, a shareholder or subscriber
for shares of a corporation is not personally liable for the acts or debts of the corporation solely
by reason of the ownership of the corporation's shares.
Enacted by Chapter 277, 1992 General Session
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Last revised: Thursday, May 28, 2009