N.Y. Business Corporation Law 1317 – Liabilities of directors and officers of foreign corporations
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§ 1317. Liabilities of directors and officers of foreign corporations.
Terms Used In N.Y. Business Corporation Law 1317
- 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.
(a) Except as otherwise provided in this chapter, the directors and officers of a foreign corporation doing business in this state are subject, to the same extent as directors and officers of a domestic corporation, to the provisions of:
(1) Section 719 (Liability of directors in certain cases) except subparagraph (a) (3) thereof, and
(2) Section 720 (Action against directors and officers for misconduct.)
(b) Any liability imposed by paragraph (a) may be enforced in, and such relief granted by, the courts in this state, in the same manner as in the case of a domestic corporation.