Ca_Law

statute | California

Corporations Code - CORP - CORP § 12440

  • UIDca_leginfo_codes:corp-12440
  • CitationCorporations Code - CORP - CORP § 12440
  • Court / bodyCalifornia Legislative Counsel
  • Decision dateN/A
  • CollectionPUBINFO_2025
  • SourceOriginal

Summary

(a) A member of a corporation is not, as such, personally liable for the debts, liabilities, or obligations of the corporation. (b) No person is liable for any obligation arising from membership unless the person was admitted to membership upon the person’s application or with th

Text

(a)
A member of a corporation is not, as such, personally liable for the debts, liabilities, or obligations of the corporation.
(b)
No person is liable for any obligation arising from membership unless the person was admitted to membership upon the person’s application or with the person’s consent.
(c)
The ownership of an interest in real property, when a condition of its ownership is membership in a corporation, shall be considered consent to such membership for the purpose of this section.

Retrieval chunks

  • #1 | Corporations Code - CORP - CORP § 12440

    (a) A member of a corporation is not, as such, personally liable for the debts, liabilities, or obligations of the corporation. (b) No person is liable for any obligation arising from membership unless the person was admitted to membership upon the person’s application or with the person’s consent. (c) The owners…