35-2-522. Purchase of memberships.
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/mt/title-35/chapter-2/part-5/35-2-522·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-2-522 . Purchase of memberships.
(1)A public benefit corporation or religious corporation may not purchase any of its memberships or any right arising from membership.
(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 may not be made in violation of 35-2-1401 and 35-2-1402 .