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Idaho Code § 30-29-622

Liability of shareholders

Known as the Idaho Business Corporation Act

The act spans §§ 30–30 (209 sections).

I.C., § 30-29 -622, as added by 2015, ch. 243, § 61, p. 758; am. 2019, ch. 90, § 33, p. 220.

(1) A purchaser from a corporation of the corporation’s 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 or specified in the subscription agreement.

(2) A shareholder of a corporation is not personally liable for any liabilities of the corporation, including liabilities arising from acts of the corporation, except to the extent provided in a provision of the articles of incorporation permitted by section 30-29-202(b)(2)(v), Idaho Code, and that a shareholder may become personally liable by reason of the shareholder’s own acts or conduct.

Current official text: Idaho Statutes (Idaho Legislature). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Idaho statutes; confirm against the official source for the current text. Not legal advice.