N.Y. Not-for-Profit Corporation Law § 517: Liabilities of members

§ 517. Liabilities of members.

(a) The members of a corporation shall not be personally liable for

the debts, liabilities or obligations of the corporation.

(b) A member shall be liable to the corporation only to the extent of

any unpaid portion of the initiation fees, membership dues or

assessments which the corporation may have lawfully imposed upon him, or

for any other indebtedness owed by him to the corporation. No action

shall be brought by any creditor of the corporation to reach and apply

any such liability to any debt of the corporation until after final

judgment shall have been rendered against the corporation in favor of

the creditor and execution thereon returned unsatisfied, or the

corporation shall have been adjudged bankrupt, or a receiver shall have

been appointed with power to collect debts, and which receiver, on

demand of a creditor to bring suit thereon, has refused to sue for such

unpaid amount, or the corporation shall have been dissolved or ceased

its activities leaving debts unpaid. No such action shall be brought

more than three years after the happening of any one of such events.