N.Y. ISC Law § 5205
This is the official text of N.Y. ISC Law § 5205, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
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Liability of directors and members
Official statutory text
§ 5205. Liability of directors and members. (a) No director shall be\nindividually liable for anything done or any liability incurred or\nassumed by virtue of this article and any such liability shall be\ncollectible only from the corporation.\n (b) No member shall be subject to any liability except for unpaid\nassessments.\n
Status: in_force · Read it on the official government site
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