35-2-514. Transfers.
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/mt/title-35/chapter-2/part-5/35-2-514A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-2-514 . Transfers.
(1)Except as set forth in or authorized by the articles or bylaws, a member of a mutual benefit corporation may not transfer a membership or any right arising from a membership.
(2)A member of a public benefit or religious corporation may not transfer a membership or any right arising from a membership.
(3)When transfer rights have been provided, a restriction on them is not binding on a member holding a membership issued prior to the adoption of the restriction unless the restriction is approved by the members and the affected member.