§ 6.32.
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/vt/6-32A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 6.32. Purchase of memberships
(a)A public benefit corporation may not purchase any of its memberships or any right arising therefrom.
(b)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. No payment shall be made in violation of chapter 13 of this title.
(c)A corporation may pay compensation in a reasonable amount to its members, directors, or officers for services rendered, may confer benefits upon its members in conformity with its purposes, and upon dissolution or final liquidation may make distributions to its members as permitted by this chapter, and no such payment, benefit, or distribution shall be deemed to be a dividend or distribution of income or profit. (Added 1995, No. 179 (Adj. Sess.), § 1, eff. Jan. 1, 1997.)