Section 317A.407 Liability of Members
317A.407 LIABILITY OF MEMBERS.
Subdivision 1.Third parties.
A member of a corporation is not, as such, personally liable for the acts, debts, liabilities, or obligations of the corporation.
Subd. 2.Dues, assessments, or fees.
(a) When authority to do so is conferred by the articles or bylaws and subject to any limitations, a corporation may levy dues, assessments, or fees upon its members. The dues, assessments, or fees may be imposed upon all classes of members alike or differently upon different classes of members. Members of one or more classes may be exempted.
(b) Articles or bylaws may:
(1) fix the amount of the levy and the method of collection of dues, assessments, or fees; or
(2) authorize the directors to fix the amount from time to time and determine the methods of collection.
(c) Articles or bylaws may provide for:
(1) enforcement or collection of dues, assessments, or fees;
(2) cancellation of membership, on reasonable notice, for nonpayment of dues, assessments, or fees; or
(3) reinstatement of membership.
History:
1989 c 304 s 59