§ 55 — Assembly

(a) A limited worker cooperative association, other than a collective worker cooperative, must have an assembly as constituted by the body of voting members. (b) An individual is not an agent for a limited worker cooperative association solely by being a member of the assembly. (c) A debt, obligation, or other liability of a limited worker cooperative association is solely that of the association and is not a debt, obligation, or liability of a member of the assembly solely by reason of being a voting member. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a voting member.

Legislative History

(Source: P.A. 101-292, eff. 1-1-20; 102-351, eff. 8-13-21.)