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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 6. Alaska Corporations Code
- Section 438. Liability of Shareholders and Subscribers.
previous: Section 435
. Shareholders' Derivative Action.
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. Board of Directors; Duty of Care; Right of Inspection; Failure to Dissent.
AS 10.06.438. Liability of Shareholders and Subscribers.
- (a) A holder of or subscriber to shares of a corporation is under no obligation to the corporation or its creditors as
holder or subscriber with respect to the shares other than the obligation to pay the corporation the full consideration
for which the shares were issued or to be issued.
- (b) An assignee or transferee of shares, or of a subscription for shares, in good faith and without knowledge or notice
that the full consideration has not been paid, is not personally liable to the corporation or its creditors for any
unpaid portion of the consideration.
- (c) An executor, administrator, conservator, guardian, trustee, assignee for the benefit of creditors, or receiver is not
personally liable to the corporation or its creditors for any unpaid portion of the consideration.
- (d) A pledgee or other holder of shares as collateral security is not personally liable as a shareholder.
Article 06. DIRECTORS, OFFICERS, EMPLOYEES, AND AGENTS
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