Delaware § 8533 Liability of stockholders and officers for debts of association

Delaware Statutes

§ 8533 — Liability of stockholders and officers for debts of association

Delaware·Title 3·Part Cooperative Agricultural Associations or Corporations·Ch. 85 CORPORATION LAW FOR COOPERATIVE AGRICULTURAL ASSOCIATIONS·Subch. Stock and Stockholders; Financial Operations

The officers and stockholders of an association, organized under and accepting this chapter, shall not be individually liable for the debts of the association otherwise than as provided in this chapter. Each common stockholder of an association shall be liable in the common stockholder’s individual capacity to the amount of stock held by the common stockholder for all work and labor done to carry on the operations of the association. The terms “work” and “labor” as used in this section mean only such obligations incurred by the association for salary and wages for actual labor and services performed by individuals.

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The officers and stockholders of an association, organized under and accepting this chapter, shall not be individually liable for the debts of the association otherwise than as provided in this chapter. Each common stockholder of an association shall be liable in the common stockholder’s individual capacity to the amount of stock held by the common stockholder for all work and labor done to carry on the operations of the association. The terms “work” and “labor” as used in this section mean only such obligations incurred by the association for salary and wages for actual labor and services performed by individuals.

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