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2012 Maine Revised Statutes
TITLE 13-C: MAINE BUSINESS CORPORATION ACT
Chapter 6: SHARES AND DISTRIBUTIONS
13-C §623. Liability of shareholders


13-C ME Rev Stat § 623 (2012 through 125th Legis) What's This?

Subchapter 2: ISSUANCE OF SHARES HEADING: PL 2001, C. 640, PT. A, §2 (NEW); PT. B, §7 (AFF)

§623. Liability of shareholders

1. Liability for paying consideration. A purchaser from a corporation of that corporation's own shares is not 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.

[ 2001, c. 640, Pt. A, §2 (NEW); 2001, c. 640, Pt. B, §7 (AFF) .]

2. Personal liability. Unless otherwise provided in a corporation's articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that the shareholder may become personally liable by reason of the shareholder's acts or conduct.

[ 2001, c. 640, Pt. A, §2 (NEW); 2001, c. 640, Pt. B, §7 (AFF) .]

SECTION HISTORY

2001, c. 640, §A2 (NEW). 2001, c. 640, §B7 (AFF).

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