121Liability of members to co-operative

121 Liability of members to co-operative

121 Liability of members to co-operative

(1) A member of a co-operative is not, as a member, under any personal liability to the co-operative, except as provided by this section.

(2) A member of a co-operative with share capital is liable to the co-operative for the amount (if any) unpaid on the shares held by the member together with any charges payable by the member to the co-operative as required by the rules of the co-operative.

(3) A member of a co-operative without share capital is liable to the co-operative for any charges payable by the member to the co-operative as required by the rules of the co-operative.

(4) This section does not affect a liability that a member of a co-operative may have to the co-operative in respect of—

(a) any trade or other business conducted by the member with the co-operative; or

(b) any fines imposed on the member by the co-operative.