A debt, obligation, or other liability of a limited cooperative association is solely that of the association and is not a debt, obligation, or liability of a director solely by reason of being a director. An individual is not personally liable, directly or indirectly, for an obligation of an association solely by reason of being a director.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 791, § 1, effective April 2, 2012.
Structure Colorado Code
Title 7 - Corporations and Associations
Article 58 - Uniform Limited Cooperative Association Act
Part 8 - Directors and Officers
§ 7-58-801. Board of Directors
§ 7-58-802. No Liability as Director for Limited Cooperative Association's Obligations
§ 7-58-803. Qualifications of Directors
§ 7-58-804. Election of Directors and Composition of Board
§ 7-58-806. Resignation of Director
§ 7-58-807. Removal of Director
§ 7-58-808. Suspension of Director by Board
§ 7-58-810. Remuneration of Directors
§ 7-58-812. Action Without Meeting
§ 7-58-814. Waiver of Notice of Meeting
§ 7-58-818. Standards of Conduct and Liability
§ 7-58-819. Conflict of Interest
§ 7-58-820. Other Considerations of Directors
§ 7-58-821. Right of Director or Committee Member to Information