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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) A member of a corporation is not liable to the corporation or its creditors with respect to his or her membership except for the obligation to pay in full any fines or penalties duly imposed against him or her and any dues and assessments levied against him or her to which he or she has assented, or imposed or levied against him or her in accordance with the provisions of section six hundred three of this article.
(b) Any member who receives any distribution of income or assets from a corporation in violation of this chapter or of the articles of incorporation, whether by dividend, in liquidation or otherwise, and who accepted or received the distribution knowing it to be improper, is liable for the amount so received: (1) To any creditors existing at the time of the distribution who obtain a judgment against the corporation on which execution is returned unsatisfied; and (2) to the corporation.
Cite this article: FindLaw.com - West Virginia Code Chapter 31E. West Virginia Nonprofit Corporation Act § 31E-6-604. Liability of members - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-31e-west-virginia-nonprofit-corporation-act/wv-code-sect-31e-6-604/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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