No liability as director for mutual benefit enterprise's obligations

  1. Law
  2. Vermont Statutes
  3. Mutual Benefit Enterprises
  4. Directors And Officers
  5. No liability as director for mutual benefit enterprise's obligations

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§ 802. No liability as director for mutual benefit enterprise's obligations

A debt, obligation, or other liability of a mutual benefit enterprise is solely that of the enterprise and is not a debt, obligation, or liability of a director solely by reason of being a director. An individual is not personally liable, directly or indirectly, for an obligation of an enterprise solely by reason of being a director. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)


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