23.86.105 - Member liability -- Termination. - Washington Statutes

Member liability — Termination.

(1) Except for debts lawfully contracted between a member and the association, no member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his or her membership fee or subscription to capital stock.

     (2) Membership may be terminated under provisions, rules, or regulations prescribed in the articles of incorporation or bylaws. In the absence thereof, the board of directors may prescribe such provisions, rules, and regulations.

[1989 c 307 § 19.]

Notes: Legislative finding -- 1989 c 307: See note following RCW 23.86.007.