No liability as director for limited cooperative association’s obligations

  1. Law
  2. District of Columbia Code
  3. Business Organizations. [Enacted title]
  4. Limited Cooperative Associations
  5. Directors and Officers
  6. No liability as director for limited cooperative association’s obligations

Checkout our iOS App for a better way to browser and research.

A debt, obligation, or other liability of a limited cooperative association shall be solely that of the association and shall not be a debt, obligation, or liability of a director solely by reason of being a director. An individual shall not be personally liable, directly or indirectly, for an obligation of an association solely by reason of being a director.

(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)

Editor's Notes

Uniform Law: This section is based on § 802 of the Uniform Limited Cooperative Association Act. Edition


Download our app to see the most-to-date content.