Liability of Subscribers and Shareholders

Act 356 of 1965, § 1207, under BANKING CODE OF 1965.

Act 356 of 1965, § 1207

Section 1207. Liability of Subscribers and Shareholders

A subscriber to, or holder of, shares of an institution shall have no liability with respect to such shares other than the obligation of complying with the terms of the subscription for such shares which shall be the same as the obligation on a share subscription governed by the Business Corporation Law.