490.622 - LIABILITY OF SHAREHOLDERS. - Iowa Statutes

490.622 LIABILITY OF SHAREHOLDERS. 1. A purchaser from a corporation of its own shares is not liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued under section 490.621, or specified in the subscription agreement authorized under section 490.620. 2. Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation.          Section History: Recent Form 89 Acts, ch 288, §42 Referred to in § 534.508