272.203 Liability of shareholder or member.
94 words·~1 min read·
/ky/chapter-272/272-203A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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
for which the shares were authorized to be issued or specified in the subscription
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
association, except that he or she may become personally liable by reason of his or
her own acts or conduct.