The failure of a statutory close corporation to observe the usual corporate formalities or requirements relating to the exercise of its corporate powers or management of its business and affairs is not a ground for imposing personal liability on the shareholders for liabilities of the corporation.
Section: Previous 14-2-920 14-2-921 14-2-922 14-2-923 14-2-924 14-2-925 14-2-926Last modified: October 14, 2016