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New Jersey Statutes, Title: 15A, CORPORATIONS, NONPROFIT
Chapter 5: Place of members' meetings
Section: 15A:5-25: Liabilities of members
a. The members of a nonprofit corporation shall not be personally liable for the debts, liabilities or obligations of the corporation.
b. A member shall be liable to the corporation only to the extent of any unpaid portion of membership dues or assessments which the corporation may have lawfully imposed, or for any other indebtedness owed by the member to the corporation. No action shall be brought by any creditor of the corporation to reach and apply any liability to any debt of the corporation until after final judgment shall have been rendered against the corporation in favor of the creditor and execution thereon returned unsatisfied, or the corporation shall have been adjudged bankrupt, or a receiver shall have been appointed with power to collect debts, and the receiver, on demand of a creditor to bring an action thereon, has refused to sue for the unpaid amount, or the corporation shall have been dissolved or ceased its activities leaving debts unpaid. No such action shall be brought more than 3 years after the happening of any one of the events.
L.1983, c. 127, s. 15A:5-25, eff. Oct. 1, 1983.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 15a:5-25 (if available):
Court decisions that cite this statute:
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