Clickable Image

     35-9-306. Limited liability. The failure of a statutory close corporation to observe the usual corporate formalities or requirements relating to the exercise of its corporate powers or management of its business and affairs is not a ground for imposing personal liability on the shareholders for liabilities of the corporation.

     History: En. Sec. 17, Ch. 432, L. 1987.

Previous Section MCA Contents Part Contents Search Help Next Section