Section 47-16-30 - Liability of subscribers. - South Dakota Statutes

47-16-30. Liability of subscribers. Except for debts lawfully contracted between the member and the cooperative, no member or patron is liable for the debts of the cooperative to an amount exceeding the sum remaining unpaid on his subscription for shares of the cooperative, and the sum unpaid on such members membership fees, if such fee is required by the cooperative.

Source: SDC 1939, § 11.1120 as enacted by SL 1965, ch 23, § 1.