Effect of Dissociation

(a)When a person is dissociated as a member: CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT

(1)the person’s right to participate as a member in the management and conduct of the limited cooperative association’s activities and affairs terminates; and

(2)subject to § 171103 and Article 16, any financial rights owned by the person in the person’s capacity as a member immediately before dissociation are owned by the person as a transferee.

(b)A person’s dissociation as a member does not of itself discharge the person from any debt, obligation, or other liability to the limited cooperative association or the other members which the person incurred while a member.