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2009 Kentucky Revised Statutes
CHAPTER 272 COOPERATIVE CORPORATIONS AND ASSOCIATIONS
272.203 Liability of shareholder or member.

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Page 1 of 1 272.203 Liability of shareholder or member. (1) A purchaser from an association of its own shares shall not be liable to the association or its creditors with respect to the shares except to pay the consideration <br>for which the shares were authorized to be issued or specified in the subscription <br>agreement. (2) Unless otherwise provided in the articles of incorporation, a shareholder or a member of an association shall not be personally liable for the acts or debts of the <br>association, except that he or she may become personally liable by reason of his or <br>her own acts or conduct. Effective: July 15, 2010 <br>History: Created 2010 Ky. Acts ch. 133, sec. 3, effective July 15, 2010.

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