Sec. 51.016. LIABILITY OF MEMBERS. (a) Except as provided by this section, a member of a society is not liable to the society or its creditors for an amount that exceeds the amount unpaid on the member's membership certificates. When the member pays for the certificates in full, the member's liability ceases.
(b) A society, by clear provisions of its bylaws, may provide that:
(1) each member is liable for an amount, in addition to that provided by Subsection (a) of this section, equal to the price paid for the membership certificates owned by the member and payable on assessment of the board of directors for payment of the society's obligations; or
(2) each member may waive the right to claim personal property exempt from seizure for the member's obligations to the society.
Acts 1981, 67th Leg., p. 1099, ch. 388, Sec. 1, eff. Sept. 1, 1981.
Structure Texas Statutes
Title 4 - Agricultural Organizations
Chapter 51 - Farmers' Cooperative Societies
Section 51.002. Application of General Corporation Laws
Section 51.006. Area of Operation
Section 51.007. Nonprofit Corporation; Division of Profits
Section 51.009. Articles of Incorporation
Section 51.010. Bylaws and Amendments to Articles of Incorporation
Section 51.011. Copies of Articles, Amendments, and Bylaws; Filing With County Clerk
Section 51.014. Membership Certificates
Section 51.015. Notes as Subscription Contracts
Section 51.016. Liability of Members
Section 51.018. Suspension; Expulsion
Section 51.021. Restriction on Use of Public Money for Incorporation