Sec. 55. Assembly.
112 words·~1 min read·
/il/chapter-805/act-317/55A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 55. Assembly.
(a)A limited worker cooperative association, other than a collective worker cooperative, must have an assembly as constituted by the body of voting members.
(b)An individual is not an agent for a limited worker cooperative association solely by being a member of the assembly.
(c)A debt, obligation, or other liability of a limited worker cooperative association is solely that of the association and is not a debt, obligation, or liability of a member of the assembly solely by reason of being a voting member. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a voting member.