Alabama Code 45-49A-10.08. Debts, obligations, or liabilities of corporation
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Terms Used In Alabama Code 45-49A-10.08
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
No debt, obligation, or liability contracted or incurred by the corporation or by any director, officer, employee, or agent of the corporation shall be a debt, obligation, or liability of the State of Alabama, or of any city, town, county, or political subdivision of the State of Alabama.