Article 14 Section 11 – Liability of stockholders
11. Liability of stockholders
Section 11. LIABILITY OF STOCKHOLDERS. The shareholders or stockholders of every banking or insurance corporation or association shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such corporation or association, to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares or stock; provided, however, that the shareholders or stockholders of any banking corporation or association which is a member of the federal deposit insurance corporation or any successor thereto or other insuring instrumentality of the United States in accordance with the provisions of any applicable law of the United States of America, shall not be liable for any amount in addition to the amount already invested in such shares or stock.
Article 14 Section 12 – Officers of banking institutions; individual responsibility
12. Officers of banking institutions; individual responsibility
Section 12. Any president, director, manager, cashier, or other officer of any banking institution who shall receive, or assent to, the reception of any deposits after he shall have knowledge of the fact that such banking institution is insolvent or in failing circumstances shall be individually responsible for such deposits.
Article 14 Section 13 – Want of legal organization as a defense
13. Want of legal organization as a defense
Section 13. No persons acting as a corporation under the laws of Arizona shall be permitted to set up, or rely upon, the want of a legal organization as a defense to any action which may be brought against them as a corporation, nor shall any person or persons who may be sued on a contract now or hereafter made with such corporation, or sued for any injury now or hereafter done to its property, or for a wrong done to its interests, be permitted to rely upon such want of legal organization in his or their defense.