504.623 - PURCHASE OF MEMBERSHIPS.
504.623 PURCHASE OF MEMBERSHIPS. 1. A public benefit or religious corporation shall not purchase any of its memberships or any right arising therefrom. 2. A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its articles or bylaws. A payment shall not be made in violation of subchapter XIII.
Section History: Recent Form 2004 Acts, ch 1049, §45, 192