Iowa Code 504.613 – Member’s liability to third parties
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 504.613
- 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.
- Corporation: means a public benefit, mutual benefit, or religious corporation. See Iowa Code 504.141
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means a person who on more than one occasion, pursuant to the provisions of a corporation's articles or bylaws, has a right to vote for the election of a director or directors of a corporation, irrespective of how a member is defined in the articles or bylaws of the corporation. See Iowa Code 504.141
A member of a corporation is not, as such, personally liable for the acts, debts, liabilities, or obligations of the corporation.