A member is not, merely on the account of that status, personally liable for the acts, debts, liabilities, or obligations of a cooperative. A member is liable for any unpaid subscription for the membership interest, unpaid membership fees or carrying charges, or a debt for which the member has separately contracted with the cooperative.
Minn. Stat. § 308C.505
MEMBER NOT LIABLE FOR COOPERATIVE DEBTS.
Known as the Minnesota Cooperative Housing Act
The act spans §§ 308C.001 to 308C.975 (90 sections).
2024 c 96 art 1 s 40
Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.