STATE STATUTES & CODES
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MAINE STATUTES AND CODES
13 §1643. Liability of members
Title 13: CORPORATIONS
Part 2: CORPORATIONS WITHOUT CAPITAL
Chapter 85: COOPERATIVES
Subchapter 1: CONSUMER COOPERATIVES
Article 4: MEMBERS
§1643. Liability of members
Members shall not be jointly or severally liable for any debts of the association, nor shall a subscriber be so liable except to the extent of the unpaid amount on the shares or membership certificates subscribed by him. No subscriber shall be released from such liability by reason of any assignment of his interest in the shares or membership certificate, but shall remain jointly and severally liable with the assignee until the shares or certificates are fully paid-up.