36 U.S.C. § 40510Chapter 405

§40510. Liability

Primary source

Verbatim text below is from the United States Code (GovInfo), a public-domain U.S. government work.

Full Text

§40510. Liability

(a) Liability of Corporation.—The corporation is liable for the acts of its officers and agents acting within the scope of their authority.

(b) Immunity of Individuals.—A member or private individual is not liable for the obligations of the corporation.

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
40510(a)	36:801.	Aug. 14, 1958, Pub. L. 85–642, §§9(a) (1st sentence words after last comma), 11, 72 Stat. 599, 600.
40510(b)	36:799(a) (1st sentence words after last comma).

Last amended: December 31, 2024

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