§ 272a-8-020

272A. 8-020 Liability as director for limited cooperative association's obligations. (1) 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 s olely 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. (2) Subsection (1) of this section shall not affect the liability of a director o f an association for his or her own negligence, wrongful acts, or misconduct. Effective: July 12, 2012 History: Created 2012 Ky. Acts ch. 160, sec. 55, effective July 12, 2012.