Rights and liabilities of members

(1) Subject to this Act, the liability of a current member of a credit union is limited to the unpaid amount of the member’s subscription for shares. 28 Credit Unions Act (2) The liability of a past member or the estate of a deceased member for the debts of a credit union as they existed on the date on which such member ceased to be a member or died shall continue for a period of two years after the cessation of membership or death.