Arizona Laws 10-2061. Nonliability of members for cooperative indebtedness
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A member shall not be liable or responsible for the acts, debts, liabilities or obligations of the cooperative and the property of the members shall not be subject to execution therefor.
Terms Used In Arizona Laws 10-2061
- Cooperative: means a corporation that is organized under this article or that becomes subject to this article in the manner provided in this article. See Arizona Laws 10-2051
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means , without regard to what a person is called in the articles of incorporation or bylaws, any person or persons who, pursuant to a provision of a corporation's articles of incorporation or bylaws, have the right to vote for the election of a director or directors. See Arizona Laws 10-3140
- Property: includes both real and personal property. See Arizona Laws 1-215