Liability of members for association's debts

Except for debts lawfully contracted between him or her and the association, no member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his or her membership fee or subscription to the capital stock, including any unpaid balance on any promissory notes given in payment thereof. Acts 1921, No. 632, § 16; Pope's Dig., § 2277; A.S.A. 1947, § 64-1516. Except for debts lawfully contracted between him or her and the association, no member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his or her membership fee or subscription to the capital stock, including any unpaid balance on any promissory notes given in payment thereof. Acts 1921, No. 632, § 16; Pope's Dig., § 2277; A.S.A. 1947, § 64-1516.