Members shall not be jointly or severally liable for any debts of the association. A subscriber shall not be liable for any debts of the association, except to the extent of the unpaid amount on the shares or membership certificate subscribed by the subscriber. No subscriber is released from liability by reason of any assignment of his interest in the shares or membership certificate, but shall remain jointly and severally liable with the assignee until the shares or certificates are fully paid up.

History

July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720

Prior Codifications

1973 Ed., § 29-829.

1981 Ed., § 29-1129.

2001 Ed., § 29-929.