§ 517 — Liabilities of members

§ 517. Liabilities of members.\n (a) The members of a corporation shall not be personally liable for\nthe debts, liabilities or obligations of the corporation.\n (b) A member shall be liable to the corporation only to the extent of\nany unpaid portion of the initiation fees, membership dues or\nassessments which the corporation may have lawfully imposed upon him, or\nfor any other indebtedness owed by him to the corporation. No action\nshall be brought by any creditor of the corporation to reach and apply\nany such liability to any debt of the corporation until after final\njudgment shall have been rendered against the corporation in favor of\nthe creditor and execution thereon returned unsatisfied, or the\ncorporation shall have been adjudged bankrupt, or a receiver shall have\nbeen appointed with power to collect debts, and which receiver, on\ndemand of a creditor to bring suit thereon, has refused to sue for such\nunpaid amount, or the corporation shall have been dissolved or ceased\nits activities leaving debts unpaid. No such action shall be brought\nmore than three years after the happening of any one of such events.\n