North Itasca Electric Co-operative, Inc


BY-LAWS

ARTICLE II
RIGHTS AND LIABILITIES OF MEMBERS


Section 1.   PROPERTY INTEREST OF MEMBERS.

Upon dissolution, after (a) all debts and liabilities of the cooperative shall have been paid, and (b) all capital furnished through patronage shall have been retired as provided in these bylaws, the remaining property and assets of the Cooperative shall be distributed among the members and former members in the proportion which the aggregate patronage of each members bears to the total patronage of all such members unless otherwise provided by law.

Section 2.   NON-LIABILITY FOR DEBTS OF THE COOPERATIVE.

The private property of the members shall be exempt from execution or other liability for the debts of the Cooperative and no member shall be liable or responsible for any debts or liabilities of the Cooperative.



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