Minnesota Statutes 317A.407 – Liability of Members
Subdivision 1.Third parties.
A member of a corporation is not, as such, personally liable for the acts, debts, liabilities, or obligations of the corporation.
Subd. 2.Dues, assessments, or fees.
Terms Used In Minnesota Statutes 317A.407
- 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.
Terms Used In Minnesota Statutes 317A.407
- 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.
(a) When authority to do so is conferred by the articles or bylaws and subject to any limitations, a corporation may levy dues, assessments, or fees upon its members. The dues, assessments, or fees may be imposed upon all classes of members alike or differently upon different classes of members. Members of one or more classes may be exempted.
(b) Articles or bylaws may:
(1) fix the amount of the levy and the method of collection of dues, assessments, or fees; or
(2) authorize the directors to fix the amount from time to time and determine the methods of collection.
(c) Articles or bylaws may provide for:
(1) enforcement or collection of dues, assessments, or fees;
(2) cancellation of membership, on reasonable notice, for nonpayment of dues, assessments, or fees; or
(3) reinstatement of membership.