Sec. 301.041. LIABILITY TO CREDITORS. (a) Except as provided by this subchapter, a member of a cooperative association is not liable to the association or its creditors in excess of the amount contracted for by the member. When the contract is paid in the amount and at the time specified in the contract, the member's liability ceases.
(b) This subchapter does not authorize a state-supported health-related institution to make a financial commitment beyond the current budget period for the institution.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.
Structure Texas Statutes
Subtitle E - Cooperative Associations
Chapter 301 - Cooperative Associations
Subchapter B. Miscellaneous Cooperative Associations
Section 301.032. Creation of Cooperative Association
Section 301.033. Articles of Incorporation
Section 301.034. Use of Public Funds Prohibited
Section 301.035. Membership; Membership Privileges; Expulsion of Members
Section 301.036. Membership Not Required
Section 301.037. Powers of Cooperative Association
Section 301.038. Provision of Services; Costs
Section 301.039. Bonds, Notes, or Other Obligations
Section 301.040. Bonds as Investments
Section 301.041. Liability to Creditors
Section 301.042. Tax Exemption
Section 301.043. Annual Report
Section 301.044. Surplus Revenue
Section 301.045. Loans to Members Prohibited