17-5404. Liability of members above amount paid in on shares; dividends.
17-5404
17-5404. Liability of members above amount paid in on shares;
dividends.
The members of an association shall not be responsible for any losses
which its withdrawable capital shall not be sufficient to satisfy, and the
withdrawable shares shall not be subject to assessment, nor shall the
shareholders be liable for any unpaid installments on their withdrawable
shares. Dividends shall be declared in accordance with the bylaws and the
provisions of this act.
History: L. 1943, ch. 133, § 62; L. 1955, ch. 141, § 2; June 30.