Alaska Statutes 10.15.090 – Limitation of liability of members
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Terms Used In Alaska Statutes 10.15.090
- cooperative: means a cooperative corporation subject to the provisions of this chapter. See Alaska Statutes 10.15.595
- member: means a person who has been qualified and accepted for membership in a cooperative. See Alaska Statutes 10.15.595
- subscription: includes the mark of a person who cannot write, with the name of that person written near the mark by a witness who writes the witness's own name near the name of the person who cannot write. See Alaska Statutes 01.10.060
Except for a debt lawfully contracted between a member and the cooperative, a member is not liable for the debts of the cooperative in an amount exceeding the sum remaining unpaid on the member’s subscription for shares of the cooperative, and the sum remaining unpaid on the member’s membership fee if a fee is required by the cooperative.