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Code · Montana · Title 35 — Corporations, Partnerships, and Associations · Chapter 18 · Part 3

35-18-302. Nonliability of members, trustees, and officers for debts of cooperative.

119 words·~1 min read·/mt/title-35/chapter-18/part-3/35-18-302·

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35-18-302 . Nonliability of members, trustees, and officers for debts of cooperative.
(1)The private property of the members of a cooperative is exempt from execution for the debts of the cooperative, and a member is not liable or responsible for any debts or obligations of the cooperative.
(2)A trustee or officer of a cooperative or acting for a cooperative is not personally liable to the cooperative or its members for any actions taken or a failure to take action as a trustee or officer unless:
(a)the trustee or officer fails to perform the trustee's or officer's responsibilities, including those provided in 35-18-325 and 35-18-326 ; and
(b)the failure to perform constitutes willful misconduct or recklessness.
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