Indiana Code 8-1-17-29. Members not liable for corporate debts or liabilities
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Terms Used In Indiana Code 8-1-17-29
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: includes each individual signing the articles of incorporation of a cooperative corporation and each person admitted to membership of the cooperative corporation under law and the corporation's bylaws. See Indiana Code 8-1-17-3
Sec. 29. No member of any cooperative corporation shall be liable or responsible for its debts or liabilities.
Formerly: Acts 1951, c.193, s.31.