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36 U.S.C. § 40510 — Liability

submitted 28 years ago by Pub. L. 105-225 to r/title-36-PATRIOTIC-AND-NATIONAL-OBSERVANCES-CEREMONIES-AND-ORGANIZATIONS · 43 words · no verdicts yet

in plain englishAI-generated · not legal advice

The corporation is legally responsible for what its officers and agents do within their authority. But individual members or private individuals are not personally liable for the corporation's debts or obligations.

(a) Liability of Corporation: The corporation is legally responsible for the acts of its officers and agents when they're acting within their authority. (b) Immunity of Individuals: A member or other private individual is not personally liable for the corporation's obligations.
the actual law source: uscode.house.gov ↗public domain
(a)Liability of Corporation.—

The corporation is liable for the acts of its officers and agents acting within the scope of their authority.

(b)Immunity of Individuals.—

A member or private individual is not liable for the obligations of the corporation.

Source credit: (Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1335.)

history & why it existsrecord from the source credit
  • 1998Enacted · Pub. L. 105-225 · 112 Stat. 1335

A history note hasn’t been published yet. The record shows enactment by Pub. L. 105-225 on 1998-08-12.

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