The officers and stockholders of an association, organized under and accepting this chapter, shall not be individually liable for the debts of the association otherwise than as provided in this chapter. Each common stockholder of an association shall be liable in the common stockholder’s individual capacity to the amount of stock held by the common stockholder for all work and labor done to carry on the operations of the association. The terms “work” and “labor” as used in this section mean only such obligations incurred by the association for salary and wages for actual labor and services performed by individuals.
Del. Code tit. 3, § 8533
Liability of stockholders and officers for debts of association
41 Del
Official source: Delaware Code Online. Reproduced from public-domain Delaware statutes; confirm against the official source for the current text. Not legal advice.