Effective - 01 Jul 1995
355.191. Membership transfer restricted, when. — 1. Except as set forth in or authorized by the articles or bylaws, no member of a mutual benefit corporation may transfer a membership or any right arising therefrom.
2. No member of a public benefit corporation may transfer a membership or any right arising therefrom.
3. Where transfer rights have been provided, no restriction on them shall be binding with respect to 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.
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(L. 1994 H.B. 1095)
Effective 7-01-95