Kentucky Statutes 272A.8-020 – Liability as director for limited cooperative association’s obligations
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(1) A debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not a debt, obligation, or liability of a director solely by reason of being a director. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a director.
(2) Subsection (1) of this section shall not affect the liability of a director of an association for his or her own negligence, wrongful acts, or misconduct.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 55, effective July 12, 2012.
(2) Subsection (1) of this section shall not affect the liability of a director of an association for his or her own negligence, wrongful acts, or misconduct.
Terms Used In Kentucky Statutes 272A.8-020
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Director: means a director of 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.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 55, effective July 12, 2012.