EFFECT OF DISSOCIATION AS MEMBER.
(a) Upon a member’s dissociation:
(1) Subject to Section 101 of this act, the person has no further rights as a member; and
(2) Subject to Section 101 of this act and Article 16 of the Uniform Limited Cooperative Association Act of 2009, any financial rights owned by the person in the person’s capacity as a member immediately before dissociation are owned by the person as a transferee.
(b) A person’s dissociation as a member does not of itself discharge the person from any debt, obligation, or liability to the limited cooperative association which the person incurred under the organic rules, by contract, or by other means while a member.
Added by Laws 2009, c. 68, § 100, eff. Jan. 1, 2010.