California Corporations Code 13302 – No member shall be liable for the debts of the association to an …
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No member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his membership fee or his subscription to the capital stock, including any unpaid balance on any promissory note given in payment thereof.
(Added by Stats. 1953, Ch. 207.)
Terms Used In California Corporations Code 13302
- Association: means any corporation organized under this part. See California Corporations Code 13202
- Member: includes members of associations without capital stock and holders of common stock in associations organized with shares of stock. See California Corporations Code 13202