Sec. 54.010. LIABILITY OF SHAREHOLDER. (a) Except for debts contracted between a corporation formed under this chapter and a shareholder, a shareholder of common or preferred stock is not liable for the debts, contracts, or engagements of the corporation in an amount greater than the par value of the stock owned by the shareholder.
(b) Both common and preferred stock are nonassessable.
Acts 1981, 67th Leg., p. 1121, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Section: Previous 54.001 54.002 54.003 54.004 54.005 54.006 54.007 54.008 54.009 54.010 54.011 54.012 NextLast modified: September 28, 2016