Code of the District of Columbia

§ 26–1329. Directors or trustees personally liable when liabilities exceed assets.

If the liabilities of any company shall at any time exceed the amount of the fair cash value of the assets, the directors or trustees of such company assenting thereto shall be personally and individually liable for such excess to the creditors of the company, after the additional liability of the stockholders has been enforced.

(Mar. 3, 1901, 31 Stat. 1308, ch. 854, § 741.)

Prior Codifications

1981 Ed., § 26-429.

1973 Ed., § 26-329.