Louisiana Revised Statutes 40:600.97 – Liability of directors, officers, or employees of the corporation
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Terms Used In Louisiana Revised Statutes 40:600.97
- 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.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
The directors, officers, or employees of the corporation, or any other person executing the bonds of the corporation shall not be personally liable on the bonds or be subject to any personal liability or accountability by reason of the issuance, sale, or delivery thereof while acting within the scope of their authority.
Acts 2011, No. 408, §1, eff. July 5, 2011.