No liability as member for enterprise’s obligations

11C V.S.A. ch. 005, § 504, under Article 005 : Members.

11C V.S.A. ch. 005, § 504

§ 504. No liability as member for enterprise’s obligations

Unless the articles of organization otherwise provide, a debt, obligation, or other liability of a mutual benefit enterprise is solely that of the enterprise and is not the debt, obligation, or liability of a member solely by reason of being a member. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)