All persons purporting to act as or on behalf of a corporation, knowing there was no incorporation under this chapter, are jointly and severally liable for all liabilities created while so acting except for any liability to any person who also knew that there was no incorporation.
Va. Code Ann. § 13.1-622
Liability for preincorporation transactions
Known as the Virginia Stock Corporation Act
The act spans §§ 13.1-601 to 13.1-792 (265 sections).
Applied in 2 court decisions — leading case City of Fairfax v. Cestaro (1990)
Most recently applied in First Community Bank, N.A. v. Community Youth Center (December 2010)
1985, c. 522.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.