Common use of Liability of Shareholders Clause in Contracts

Liability of Shareholders. A purchaser from a corporation of its 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 under section 490.621, or specified in the subscription agreement authorized under section 490.620.

Appears in 2 contracts

Sources: Liability of Shareholders, Liability of Shareholders