Arizona Laws 20-838. Subscribers and employees exempt from corporate indebtedness
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The private property of the subscribers, agents, officers, directors, members and employees of any corporation holding a certificate of authority under this article shall be wholly exempt from any of the debts, obligations and liabilities of the corporation.
Terms Used In Arizona Laws 20-838
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Property: includes both real and personal property. See Arizona Laws 1-215