Legislation
SECTION 1318
Liability of foreign corporations for failure to disclose required information
Business Corporation (BSC) CHAPTER 4, ARTICLE 13
§ 1318. Liability of foreign corporations for failure to disclose
required information.
A foreign corporation doing business in this state shall, in the same
manner as a domestic corporation, disclose to its shareholders of record
who are residents of this state the information required under paragraph
(c) of section 510 (Dividends or other distributions in cash or
property), paragraphs (f) and (g) of section 511 (Share distributions
and changes), paragraph (d) of section 515 (Reacquired shares),
paragraph (c) of section 516 (Reduction of stated capital in certain
cases), and shall be liable as provided in section 520 (Liability for
failure to disclose required information) for failure to comply in good
faith with these requirements.
required information.
A foreign corporation doing business in this state shall, in the same
manner as a domestic corporation, disclose to its shareholders of record
who are residents of this state the information required under paragraph
(c) of section 510 (Dividends or other distributions in cash or
property), paragraphs (f) and (g) of section 511 (Share distributions
and changes), paragraph (d) of section 515 (Reacquired shares),
paragraph (c) of section 516 (Reduction of stated capital in certain
cases), and shall be liable as provided in section 520 (Liability for
failure to disclose required information) for failure to comply in good
faith with these requirements.