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2017 Delaware Code
Title 3 - Agriculture
CHAPTER 85. CORPORATION LAW FOR COOPERATIVE AGRICULTURAL ASSOCIATIONS
Subchapter III Stock and Stockholders; Financial Operations
§ 8533. Liability of stockholders and officers for debts of association.
Universal Citation: 3 DE Code § 8533 (2017)
The officers and stockholders of an association, organized under and accepting this chapter, shall not be individually liable for the debts of the association otherwise than as provided in this chapter. Each common stockholder of an association shall be liable in his individual capacity to the amount of stock held by him for all work and labor done to carry on the operations of the association. The terms "work" and "labor" as used in this section mean only such obligations incurred by the association for salary and wages for actual labor and services performed by individuals.
41 Del. Laws, c. 132, §§ 8, 9; 3 Del. C. 1953, § 8533.;
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