Except in the case of licensed insurance cooperatives, the articles of association may provide that, after the cooperative’s assets, the members have limited personal liability for the cooperative’s obligations above and beyond their membership contributions and the value of their cooperative shares, although only up to a specified amount.
Where shares are held in the cooperative, the amount for which the individual members are liable is determined by the value of their share.
Claims in respect of this liability are brought by the insolvency administrators until the insolvency proceedings are complete.
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