Virginia Code 15.2-1753: Liability of board members
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No member of the board of directors of an academy shall be personally liable for any indebtedness, obligation or other liability of an academy, barring willful misconduct.
Terms Used In Virginia Code 15.2-1753
- 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.
1993, c. 935, § 15.1-159.7:7; 1997, c. 587.