3.16 Liability for False Statements
| Jurisdiction | Arizona |
§ 3.16 Liability for False Statements
If any statement made by the officers or directors of a corporation is false in a material representation, or if any book record or account of the corporation is knowingly and wrongfully altered, the officers, directors, or agents responsible are jointly and severally personally liable to a person who has become a creditor or member of the corporation in reliance upon the false material representation or alteration for all damages resulting. In other words, if the...
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