30-29-622. LIABILITY OF SHAREHOLDERS. (a) A purchaser from a corporation of the 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.
(b) A shareholder of a corporation is not personally liable for any liabilities of the corporation, including liabilities arising from acts of the corporation, except to the extent provided in a provision of the articles of incorporation permitted by section 30-29-202(b)(2)(v), Idaho Code, and that a shareholder may become personally liable by reason of the shareholder’s own acts or conduct.
History:
[30-29-622, added 2015, ch. 243, sec. 61, p. 912; am. 2019, ch. 90, sec. 33, p. 247.]
Structure Idaho Code
Chapter 29 - GENERAL BUSINESS CORPORATIONS
Part 6 - SHARES AND DISTRIBUTIONS
Section 30-29-601 - AUTHORIZED SHARES.
Section 30-29-602 - TERMS OF CLASS OR SERIES DETERMINED BY BOARD OF DIRECTORS.
Section 30-29-603 - ISSUED AND OUTSTANDING SHARES.
Section 30-29-604 - FRACTIONAL SHARES.
Section 30-29-620 - SUBSCRIPTION FOR SHARES BEFORE INCORPORATION.
Section 30-29-621 - ISSUANCE OF SHARES.
Section 30-29-622 - LIABILITY OF SHAREHOLDERS.
Section 30-29-623 - SHARE DIVIDENDS.
Section 30-29-624 - SHARE RIGHTS, OPTIONS, WARRANTS, AND AWARDS.
Section 30-29-625 - FORM AND CONTENT OF CERTIFICATES.
Section 30-29-626 - SHARES WITHOUT CERTIFICATES.
Section 30-29-627 - RESTRICTION ON TRANSFER OF SHARES.
Section 30-29-630 - SHAREHOLDERS’ PREEMPTIVE RIGHTS.
Section 30-29-631 - CORPORATION’S ACQUISITION OF ITS OWN SHARES.