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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A director knowingly consents to issuance for overvalued property. The subscriber supplies that deficient consideration. The director argues that only the subscriber can ever be sued and that officers are categorically outside Section 64. Which response is accurate?

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Only the subscriber can incur liability. The deficiency disappears if the property has an attractive name. Every director is liable regardless of conduct or knowledge. Section 64 makes the qualifying director or officer solidarily liable with the stockholder concerned to the corporation or its creditors for the statutory difference.

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