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the Kentucky Revised Statutes
2009 Kentucky Revised Statutes
Subtitle 6 Shares and Distributions
271B.6.220 Liability of shareholders.
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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 <br>for which the shares were authorized to be issued or specified in the subscription <br>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 <br>except that he may become personally liable by reason of his own acts or conduct.
Effective: January 1, 1989 <br>History: Created 1988 Ky. Acts ch. 23, sec. 39, effective January 1, 1989.
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