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Texas Business Organizations Code - Section 251.154. Liability

Legal Research Home > Texas Lawyer > Business Organizations Code > Texas Business Organizations Code - Section 251.154. Liability

§ 251.154. LIABILITY.  (a) Except as provided by 
Subsection (b), a member or subscriber of a cooperative association 
is not jointly or severally liable for a debt of the cooperative 
association.  A subscriber is liable for any unpaid amount on the 
subscriber's membership certificates or invested capital 
certificates.
	(b)  A subscriber who assigns the subscriber's interest in 
membership certificates or invested capital certificates is 
jointly and severally liable with the assignee until the 
appropriate certificates are fully paid.

Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.                     

Last modified: August 11, 2007