§ 47 — Liability of members

New York § 47

• Jurisdiction: New York
• Law CCO: Cooperative Corporations
• Art. 3: Members and Meetings

Text

§ 47. Liability of members. 1. Members of a cooperative corporation\nshall not be personally liable for its debts, unless otherwise provided\nin its certificate of incorporation; provided, however, that each member\nand director shall jointly and severally be personally liable for all\ndebts due to any of its laborers, servants or employees, other than\ncontractors, for services performed by them for it as defined by section\nsix hundred thirty (b) of the business corporation law. The liability\nimposed by this paragraph shall be subject to the notice and limitation\nof action provisions, set out in section six hundred thirty (a) of the\nbusiness corporation law, and shall be subject to section six hundred\nthirty (c) of such law.\n 2. Every contract, made by the corporation with third parties, for the\nsale or other disposition of products which the corporation has\ncontracted with members or non-members to market for them, shall in all\nrespects be deemed to be the obligation of the corporation, whether the\ncorporation made such contract as principal or as agent.\n