(a) Eligibility.—Except as provided in this chapter, eligibility for membership in the corporation and the rights, privileges, and designation of classes of members are as provided in the constitution and bylaws of the corporation.
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Terms Used In 36 USC 31103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) Voting.—Each member has one vote on each matter submitted to a vote at a meeting of the members.
(c) Benefits of Member Organizations.—Each organization that is a member of the corporation as provided in the constitution of the corporation is entitled to all the benefits of incorporation under this chapter. Those benefits cease immediately on termination of membership, whether by—
(1) resignation from the corporation; or
(2) termination of its membership by the board of directors of the corporation as provided in the constitution.
