North Dakota Code 10-19.1-29 – Unauthorized assumption of corporate powers – Liability
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All persons who assume to act as a corporation without authority are jointly and severally liable for all debts and liabilities incurred or arising as a result.
Terms Used In North Dakota Code 10-19.1-29
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.