The members of the credit union shall not be personally or individually liable for the payment of its debts. A reduction in shares as provided for in Section 45 of this Act shall not be considered as imposing such individual or personal liability upon the members of the credit union.
205 ILCS 305/18
Liability of members
Known as the Illinois Credit Union Act
The act spans §§ 205-305-1 to 205-305-9-1 (91 sections).
P.A. 81-329.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.