Section 44. The officers of a corporation shall be jointly and severally liable for its debts and contracts in the following cases, and not otherwise:
The president and directors shall be so liable—
First, For making or consenting to a dividend if the corporation is or thereby is rendered insolvent, to the extent of such dividend.
Second, For debts contracted between the time of making or assenting to a loan to a stockholder and the time of its repayment, to the extent of such loan.
Third, If the debts of a corporation exceed its capital, to the extent of such excess existing at the time of the commencement of the suit against the corporation in which the judgment was recovered upon which the suit in equity to enforce such liability is brought as provided in section forty-nine.
The president, directors and treasurer shall be so liable—
Fourth, For signing any statement filed under section thirty-three, if the property mentioned in such statement is not conveyed and taken at a fair valuation; but only the officers who sign the statement shall be so liable.
The president, directors and other officers shall be so liable—
Fifth, For signing any certificate which is required by law knowing it to be false; but only the officers who have knowledge thereof shall be liable.
Sixth, For debts contracted before the original capital has been fully paid in and the certificate of such payment has been filed in accordance with section thirty-two.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
