Except for debts lawfully contracted between him or her and the association, no member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his or her membership fee or subscription to the capital stock, including any unpaid balance on any promissory notes given in payment thereof.
Ark. Code Ann. § 4-30-117
Liability of members for association's debts
Acts 1921, No. 632, § 16; Pope's Dig., § 2277; A.S.A. 1947, § 64-1516.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.