§ 4353. Establishment of Homestead Compensation Program
TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS § 4353. Liability of Shareholders. (a) A purchaser from a corporation of its own shares is not liable to the corpo- ration or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued (4 CMC § 4352) or specified in the subscription agreement (4 CMC § 4351). (b) Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debts of the corporation except that he may become personally liable by reason of his own acts or conduct. Source: PL 10-7, § 1 (Bus. Corp. Reg. § 6.22).
Source: CNMI Law Revision Commission