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the Kentucky Revised Statutes
2006 Kentucky Revised Statutes - .220 Liability of shareholders.
271B.6-220 Liability of shareholders. (1) A purchaser from a
corporation of its own shares shall not be liable to the
corporation or its creditors with respect to the shares except to
pay the consideration for which the shares were authorized to be
issued or specified in the subscription agreement. (2) Unless
otherwise provided in the articles of incorporation, a shareholder
of a corporation shall not be personally liable for the acts or
debts of the corporation except that he may become personally
liable by reason of his own acts or conduct. Effective:
January 1, 1989 History: Created 1988 Ky. Acts ch. 23, sec.
39, effective January 1, 1989.
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