Section 7-58-802 - No liability as director for limited cooperative association's obligations

A debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not a debt, obligation, or liability of a director solely by reason of being a director. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a director.L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 791, § 1, effective 4/2/2012.