A member shall not be liable or responsible for the acts, debts, liabilities or obligations of the cooperative and the property of the members shall not be subject to execution therefor.

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Terms Used In Arizona Laws 10-2061

  • Cooperative: means a corporation that is organized under this article or that becomes subject to this article in the manner provided in this article. See Arizona Laws 10-2051
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Member: means , without regard to what a person is called in the articles of incorporation or bylaws, any person or persons who, pursuant to a provision of a corporation's articles of incorporation or bylaws, have the right to vote for the election of a director or directors. See Arizona Laws 10-3140
  • Property: includes both real and personal property. See Arizona Laws 1-215