Provided the club is an incorporated body, the board memberswill be individually immune from the financial collapse of the club.
However, if it is an OH&S related issue, then its my understanding that the board, and in particular, the president will be personally open to action.
Most organisations appoint an OH&S rep, to ensure things are done by the book, so that if an incident occurs (such as a little old lady falling over on the front step, and breaking a hip), the courts would be more than satisfied that the club had taken all reasonable precautions.
Still, its a bloody nightmare in this increasingly litiguous society of ours.
Anyone??
Ben