Oregon Statutes 62.215 – Limitation of liability of members and shareholders
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Except for debts lawfully contracted between a member or shareholder and the cooperative, no member or shareholder is liable for the acts or debts of the cooperative to an amount exceeding the sum remaining unpaid on the subscription of the member or shareholder for shares of the cooperative, and the sum remaining unpaid on such member’s membership fee if such fee is required by the cooperative. [1957 c.716 § 17; 1995 c.195 § 4]
Terms Used In Oregon Statutes 62.215
- Cooperative: means a cooperative corporation that is subject to the provisions of this chapter. See Oregon Statutes 62.015
- Member: means a person that is qualified and accepted for membership in a cooperative. See Oregon Statutes 62.015
- Shareholder: means a holder of shares of capital stock of a cooperative other than membership stock. See Oregon Statutes 62.015
[Repealed by 1957 c.716 § 76]