Members and private individuals are not liable for the corporation's obligations
What the document says“``(e) Immunity From Liability.--Members and private individuals are not liable for the obligations of the corporation.”
The immunity subsection written into section 70507 of title 36, United States Code, states that members and private individuals are not liable for the obligations of the corporation.
What the document actually says“``(e) Immunity From Liability.--Members and private individuals are not liable for the obligations of the corporation.”
The group's debts are its own. A member does not have to pay them. Nor does any other private person.
This is what a charter of this kind does. It keeps the debts with the group.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.