Washington Code 23.100.0902 – Effect of dissociation
Current as of: 2023 | Check for updates
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(1) When a person is dissociated as a member:
Terms Used In Washington Code 23.100.0902
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(a) The person’s right to participate as a member in the management and conduct of the limited cooperative association’s activities and affairs terminates; and
(b) Subject to RCW 23.100.0903, any financial rights owned by the person in the person’s capacity as a member immediately before dissociation are owned by the person as a transferee.
(2) A person’s dissociation as a member does not of itself discharge the person from any debt, obligation, or other liability to the limited cooperative association or the other members which the person incurred while a member.
[ 2019 c 37 § 902.]