Purchase of Memberships or Membership Rights; Public Benefit or Religious Corporation; Mutual Benefit Corporation

  1. Law
  2. Indiana Code
  3. Business and Other Associations
  4. Nonprofit Corporations
  5. Resignation and Termination of Members
  6. Purchase of Memberships or Membership Rights; Public Benefit or Religious Corporation; Mutual Benefit Corporation

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Sec. 3. (a) A public benefit or religious corporation may not purchase any of the corporation's memberships or any right arising from a membership.

(b) A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and under the conditions set forth in or authorized by the corporation's articles of incorporation or bylaws. A payment may not be made in violation of IC 23-17-21.

As added by P.L.179-1991, SEC.1.


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