(a) When a person is dissociated as a member:
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(1) the person’s right to participate as a member in the management and conduct of the limited cooperative association’s activities and affairs terminates; and (2) subject to § 171103 and Article 16, any financial rights owned by the person in the person’s capacity as a member immediately before dissociation are owned by the person as a transferee. (b) A person’s dissociation as a member does not of itself discharge the person from any debt, obligation, or other liability to the limited cooperative association or the other members which the person incurred while a member.