Kentucky Statutes 272A.5-030 – Liability as member for association’s obligations
Current as of: 2024 | Check for updates
|
Other versions
(1) Unless the articles of association otherwise provide, a debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not the debt, obligation, or liability of a member solely by reason of being a member.
(2) Notwithstanding subsection (1) of this section, under the written organic rules or under another written agreement, a member may agree to be obligated personally for any of the debts, obligations, and liabilities of the limited cooperative association.
(3) Subsection (1) of this section shall not affect the liability of a member of a limited cooperative association for his or her own negligence, wrongful acts, or misconduct.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 32, effective July 12, 2012.
(2) Notwithstanding subsection (1) of this section, under the written organic rules or under another written agreement, a member may agree to be obligated personally for any of the debts, obligations, and liabilities of the limited cooperative association.
Terms Used In Kentucky Statutes 272A.5-030
- Articles of association: means the articles of association of a limited cooperative association required by KRS §. See Kentucky Statutes 272A.1-020
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Member: means a person that is admitted as a patron member or investor member, or both, in a limited cooperative association. See Kentucky Statutes 272A.1-020
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(3) Subsection (1) of this section shall not affect the liability of a member of a limited cooperative association for his or her own negligence, wrongful acts, or misconduct.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 32, effective July 12, 2012.