Del. Code tit. 3 § 8533

Current through 2024 Legislative Session Act Chapter 254

Section 8533 - Liability of stockholders and officers for debts of association

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.

3 Del. C. § 8533

Amended by Laws 2023, ch. 42,s 29, eff. 5/31/2023.

41 Del. Laws, c. 132, §§ 8, 9; 3 Del. C. 1953, § 8533.;