§ 272a-5-030

272A.5 -030 Liability as member for association's obligations. (1) Unless the articles of association otherwise provide, a debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not the debt, obligation, or liability of a member solely by reason of being a member . (2) Notwithstanding subsection (1) of this section, under the written organic rules or under another written agreement, a member may agree to be obligated personally for any of the debts, obligations, and liabilities of the limited cooperative associatio n. (3) Subsection (1) of this section shall not affect the liability of a member of a limited cooperative association for his or her own negligence, wrongful acts, or misconduct. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 32, eff ective July 12, 2012.