355.197. Member's liabilities. - Missouri Statutes

Member's liabilities.

355.197. 1. A member of a corporation is not, as such, personallyliable for the acts, debts, liabilities, or obligations of the corporation.

2. A member may become liable to the corporation for dues,assessments or fees; but an article or bylaw provision or a resolutionadopted by the board authorizing or imposing dues, assessments or fees doesnot, of itself, create liability.

3. This section shall not affect the ability of corporations to makemembers personally liable for liens, covenants, assessments or othercharges incurred by members if the same are imposed pursuant to actions oftrustees or board of directors pursuant to a validly recorded trustindenture or other recorded instrument, as they apply to real property.

(L. 1994 H.B. 1095, A.L. 1997 H.B. 655 merged with S.B. 170)

Effective 6-24-97 (H.B. 655) 5-20-97 (S.B. 170)