16-16-802. No liability as director for limited cooperative association's obligations.
75 words·~1 min read·
/ut/title-16/chapter-16/16-16-802A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
16-16-802. No liability as director for limited cooperative association's obligations.
A debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not a debt, obligation, or liability of a director solely by reason of being a director. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a director.
Enacted by Chapter 363 , 2008 General Session