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Question
As explained by the Arkansas Supreme Court in Case 38.2, Bullington v. Palangio, if a corporation's charter is revoked for failure to pay its franchise taxes,a. stockholders will be held personally liable for obligations that arose before the charter was revoked.
b. stockholders will be held personally liable only for breaches of contracts that were entered into on behalf of the corporation before the charter was revoked.
c. stockholders will not be held personally liable for obligations that arose before the charter was revoked.
d. officers will not be held personally liable for obligations that arose before the charter was revoked.
Answer
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