California Business and Professions Code

§ 26229.8

BPC § 26229.8 Effective Jun 27, 2017Div. 10 · Ch. 22 · Art. 9

Statute text

A member or stockholder is not liable for the debts of the association to an amount that exceeds the sum that remains unpaid on his membership fee or his subscription to the capital stock, including any unpaid balance on any promissory note that is given in payment of the membership fee or the subscription to the capital stock.

Legislative history

Added by Stats. 2017, Ch. 27, Sec. 107. (SB 94) Effective June 27, 2017.