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Cal. Corp. Code § 12440

Rights and Obligations of Members and Creditors

Known as the Cooperative Corporation Law

The act spans §§ 12200–12704 (266 sections).

Added by Stats. 1982, Ch. 1625, Sec. 3

(a) A member of a corporation is not, as such, personally liable for the debts, liabilities, or obligations of the corporation.

(b) No person is liable for any obligation arising from membership unless the person was admitted to membership upon the person’s application or with the person’s consent.

(c) The ownership of an interest in real property, when a condition of its ownership is membership in a corporation, shall be considered consent to such membership for the purpose of this section.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.