New Mexico Statutes
§ 53-4-29 — Liability of members
Members shall not be jointly or severally liable for any debts of the association, nor shall subscribers be so liable except to the extent of the unpaid amount on the shares or membership certificates subscribed by them. No subscriber shall be released from such liability by reason of any assignment of his interest in the shares or membership certificate, but shall remain jointly and severally liable with the assignee until the shares or certificates are fully paid up.
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Legislative History
Laws 1939, ch. 164, § 29; 1941 Comp., § 54-1429; 1953 Comp., § 51-15-29.
Nearby Sections
15
§ 53-10-8
[Construction of act.]§ 53-11-1
Short title§ 53-11-10
Renewal of registered name§ 53-11-11
Registered office and registered agent§ 53-11-14
Service of process on corporation§ 53-11-15
Authorized shares