§ 47. Liability of members. 1. Members of a cooperative corporation
shall not be personally liable for its debts, unless otherwise provided
in its certificate of incorporation; provided, however, that each member
and director shall jointly and severally be personally liable for all
debts due to any of its laborers, servants or employees, other than
contractors, for services performed by them for it as defined by section
six hundred thirty (b) of the business corporation law. The liability
imposed by this paragraph shall be subject to the notice and limitation
of action provisions, set out in section six hundred thirty (a) of the
business corporation law, and shall be subject to section six hundred
thirty (c) of such law.

2. Every contract, made by the corporation with third parties, for the
sale or other disposition of products which the corporation has
contracted with members or non-members to market for them, shall in all
respects be deemed to be the obligation of the corporation, whether the
corporation made such contract as principal or as agent.