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Evidence of membership; liability of members - 15 Pa. Cons. Stat. § 2123

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     § 2123.  Evidence of membership; liability of members.
        (a)  General rule.--Every member of record of a nonstock
     corporation shall be entitled to a written document evidencing
     his membership in the corporation. The document shall state:
            (1)  That the corporation is a nonstock corporation
        incorporated under the laws of this Commonwealth, unless the
        name of the corporation contains the word "mutual."
            (2)  The name of the person to whom issued.
            (3)  The class of membership, if any, held by the member.
        (b)  Notice of variations in rights.--If the membership of
     the corporation is divided into classes, the document shall set
     forth (or shall state that the corporation will furnish to any
     member, upon request and without charge) a full or summary
     statement of the special rights and liabilities of membership of
     each class and the variations in the rights and liabilities of
     membership between classes. If a membership is not fully paid or
     if the member is otherwise liable to assessment, the document
     evidencing the membership shall so state.
        (c)  Liability.--A subscriber to the minimum guaranteed
     capital of or member of a nonstock corporation shall not be
     under any liability to the corporation or any creditor thereof
     other than the obligations of complying with the terms of the
     subscription to the minimum guaranteed capital, if any, and with
     the terms of the document evidencing his membership. Otherwise,
     the members of a nonstock corporation shall not be personally
     liable for the debts, liabilities or obligations of the
     corporation.
        (d)  Dissenters rights.--The document evidencing membership
     shall constitute a share certificate for the purposes of
     Subchapter D of Chapter 15 (relating to dissenters rights).
     (Dec. 18, 1992, P.L.1333, No.169, eff. 60 days)

Last modified: November 27, 2007