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Stock the company sold but later bought back is called treasury stock. 3 classes and series: Stock can be divided into categories called classes and these classes can be divided into subcategories called series. The aggregate liability of any member of a dissolved corporation for claims against the dissolved corporation shall not exceed the amount distributed to the member in dissolution. (d) Limitation of actions.--A member of a dissolved corporation, the assets of which were distributed under section 5975(c) or 5997(a) through (c), shall not be liable for any claim against the corporation on which an action is not commenced prior to the expiration of the period specified in subsection (a)(2). (e) Conduct of actions.--An action or proceeding may be prosecuted against and defended by a dissolved corporation in its corporate name. 1990 Amendment.
Pages: 452
Publisher: Cambridge University Press (February 24, 2014)
ISBN: 1107040566
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