Louisiana Revised Statutes 17:3396.6 – Liability of board members
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Terms Used In Louisiana Revised Statutes 17:3396.6
- 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: shall mean the nonprofit corporation authorized to be formed by this Part or any corporation succeeding to the principal functions thereof or to which the powers conferred upon the corporation by this Part. See Louisiana Revised Statutes 17:3396.2
No member of the board of directors of the corporation shall be liable personally for any indebtedness issued by the corporation or be subject to any personal liability or accountability by reason of the issuance thereof.
Acts 1992, No. 882, §1.