617.0605 Transfer of membership interests.
111 words·~1 min read·
/fl/title-xxxvi/chapter-617/617-0605·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A member of a corporation may not transfer a membership or any right arising from membership except as otherwise allowed in this section.
(2)Except as set forth in the articles of incorporation or bylaws of a mutual benefit corporation, a member of a mutual benefit corporation may not transfer a membership or any right arising from membership.
(3)If transfer rights have been provided for one or more members of a mutual benefit corporation, a restriction on such rights is not binding with respect to a member holding a membership issued before the adoption of the restriction unless the restriction is approved by the members and the affected member.