US Laws, Codes, Statutes & Cases

 
  § 517. Liabilities of members.
    (a)  The  members  of a corporation shall not be personally liable for
  the debts, liabilities or obligations of the corporation.
    (b) A member shall be liable to the corporation only to the extent  of
  any   unpaid   portion  of  the  initiation  fees,  membership  dues  or
  assessments which the corporation may have lawfully imposed upon him, or
  for any other indebtedness owed by him to  the  corporation.  No  action
  shall  be  brought by any creditor of the corporation to reach and apply
  any such liability to any debt of  the  corporation  until  after  final
  judgment  shall  have  been rendered against the corporation in favor of
  the  creditor  and  execution  thereon  returned  unsatisfied,  or   the
  corporation  shall have been adjudged bankrupt, or a receiver shall have
  been appointed with power to  collect  debts,  and  which  receiver,  on
  demand  of a creditor to bring suit thereon, has refused to sue for such
  unpaid amount, or the corporation shall have been  dissolved  or  ceased
  its  activities  leaving  debts  unpaid. No such action shall be brought
  more than three years after the happening of any one of such events.