California Food and Agricultural Code

§ 54239

FAC § 54239Div. 20 · Ch. 1 · Art. 9

Statute text

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

Legislative history

Enacted by Stats. 1967, Ch. 15.