Louisiana Revised Statutes 12:422 – Non-liability of members for debts of cooperative
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Terms Used In Louisiana Revised Statutes 12:422
- Cooperative: means a corporation organized under this Part and a corporation which becomes subject to this Part in the manner hereinafter provided. See Louisiana Revised Statutes 12:402
- Member: means each incorporator of a cooperative and each person admitted to and retaining membership therein, and shall include a husband and wife admitted to joint membership. See Louisiana Revised Statutes 12:402
The private property of the members of a cooperative shall be exempt from execution for the debts of the cooperative and no member shall be liable or responsible for any debts of the cooperative.
Renumbered from R.S.1950, §12:322 by Acts 1968, No. 105, §3, eff. Jan. 1, 1969.