15A:5-25 - Liabilities of members - New Jersey Statutes

15A:5-25.  Liabilities of members
    a.  The members of a nonprofit corporation shall not be personally liable for the debts, liabilities or obligations of the corporation.

    b.  A member shall be liable to the corporation only to the extent of any unpaid portion of membership dues or assessments which the corporation may have  lawfully imposed, or for any other indebtedness owed by the member to the  corporation.  No action shall be brought by any creditor of the corporation to  reach and apply any liability to any debt of the corporation until after final  judgment shall have been rendered against the corporation in favor of the  creditor and execution thereon returned unsatisfied, or the corporation shall  have been adjudged bankrupt, or a receiver shall have been appointed with power  to collect debts, and the receiver, on demand of a creditor to bring an action  thereon, has refused to sue for the unpaid amount, or the corporation shall  have been dissolved or ceased its activities leaving debts unpaid.  No such  action shall be brought more than 3 years after the happening of any one of the  events.

     L.1983, c. 127, s. 15A:5-25, eff. Oct. 1, 1983.