GroundRules
← Search the law
District of Columbia · Through 2026-08-20 (D.C. Law 26-175)

D.C. Code § 29-304.22: Liability of shareholders.

Read at publisher ↗
Where this section sits in the code
  1. Title 29. Business Organizations. [Enacted title]
  2. Chapter 3. Business Corporations.
  3. Subchapter IV. Shares and Distributions.
  4. Part B. Issuance of Shares.

(a)

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.

(b)

Unless otherwise provided in the articles of incorporation, a shareholder shall not be personally liable for the acts or debts of the corporation, except that the shareholder may become personally liable by reason of the shareholder’s own acts or conduct.

Collected 2026-08-29T05:44:07Z. Source file · JSON

Browse this collection