Tennessee Code 59-13-124 – Liability of members
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Terms Used In Tennessee Code 59-13-124
- Association: means any corporation organized under this chapter. See Tennessee Code 59-13-103
- Member: means actual members of associations without capital stock, and holders of common stock in associations organized with capital stock. See Tennessee Code 59-13-103
- Subscription: includes a mark, the name being written near the mark and witnessed. See Tennessee Code 1-3-105
No member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on the membership fee or the subscription to the capital stock, including any unpaid balance on any promissory notes given in payment thereof.