No member may be liable or responsible for any debts of the cooperative and the property of the members may not be subject to execution for the cooperative's debts. This section does not apply to a generation and transmission cooperative organized in accordance with subchapter IV.
Me. Rev. Stat. tit. 35-A, § 3706
Nonliability of members for debts of cooperative
Known as the Rural Electrification Cooperative Enabling Act
The act spans §§ 3701 to 3772 (26 sections).
PL 1987, c. 141, §A6 (NEW).
Official source: Maine Legislature. Reproduced from public-domain Maine statutes; confirm against the official source for the current text. Not legal advice.