Texas Agriculture Code 54.010 – Liability of Shareholder
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(a) Except for debts contracted between a corporation formed under this chapter and a shareholder, a shareholder of common or preferred stock is not liable for the debts, contracts, or engagements of the corporation in an amount greater than the par value of the stock owned by the shareholder.
(b) Both common and preferred stock are nonassessable.
Terms Used In Texas Agriculture Code 54.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.