2019 Connecticut General Statutes
Title 32 - Commerce and Economic and Community Development
Chapter 581 - Innovation Capital Act of 1989. Connecticut Innovations, Incorporated
Section 32-39c - Limitation on liability of Connecticut Innovations, Incorporated and certain officers with respect to affiliates of the corporation.
(a) With respect to any affiliate created pursuant to section 32-39, liability shall be limited solely to the assets and revenues or other resources of any such affiliate and without recourse liability to Connecticut Innovations, Incorporated, its other funds or any other assets of the corporation, except to the extent of any express written guarantees by the corporation or any investments made or committed to by the corporation.
(b) The provisions of sections 32-47 and 1-125 shall apply to any officer, director, designee or employee serving at the request of the corporation as a member, director or officer or advisor of any such affiliate. Any such person so appointed shall not be personally liable for the debts, obligations or liabilities of any such affiliate as provided in said section 1-125. Any affiliate shall and the corporation may provide the indemnification to protect, save harmless and indemnify such officer, director, designee or employee as provided in said section 1-125.
(P.A. 98-203, S. 5, 13.)
History: P.A. 98-203 effective June 8, 1998.
