35-9-306. Limited liability. The failure of a statutory close corporation to observe the usual corporate formalities or requirements relating to the exercise of its corporate powers or management of its business and affairs is not a ground for imposing personal liability on the shareholders for liabilities of the corporation.
History: En. Sec. 17, Ch. 432, L. 1987.
Structure Montana Code Annotated
Title 35. Corporations, Partnerships, and Associations
Chapter 9. Montana Close Corporation Act
Part 3. Regulation and Operation
35-9-301. Shareholder agreements
35-9-302. Elimination of board of directors
35-9-305. Holding more than one office -- execution of documents in more than one capacity
35-9-306. Limited liability