Members shall not be jointly or severally liable for any debts of the association, nor shall subscribers be so liable except to the extent of the unpaid amount on the shares or membership certificates subscribed by them. No subscriber shall be released from such liability by reason of any assignment of his interest in the shares or membership certificate, but shall remain jointly and severally liable with the assignee until the shares or certificates are fully paid up.
History: Laws 1939, ch. 164, § 29; 1941 Comp., § 54-1429; 1953 Comp., § 51-15-29.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 30 to 32; 18A Am. Jur. 2d Corporations §§ 249 to 257.
Liability of member or former member of marketing or purchasing cooperative for its debts or losses, 96 A.L.R.3d 1243.
18 C.J.S. Corporations §§ 414 to 432.