N.Y. Cooperative Corporations Law § 47: Liability of members

§ 47. Liability of members. 1. Members of a cooperative corporation

shall not be personally liable for its debts, unless otherwise provided

in its certificate of incorporation; provided, however, that each member

and director shall jointly and severally be personally liable for all

debts due to any of its laborers, servants or employees, other than

contractors, for services performed by them for it as defined by section

six hundred thirty (b) of the business corporation law. The liability

imposed by this paragraph shall be subject to the notice and limitation

of action provisions, set out in section six hundred thirty (a) of the

business corporation law, and shall be subject to section six hundred

thirty (c) of such law.

2. Every contract, made by the corporation with third parties, for the

sale or other disposition of products which the corporation has

contracted with members or non-members to market for them, shall in all

respects be deemed to be the obligation of the corporation, whether the

corporation made such contract as principal or as agent.