Indiana Code 23-17-8-3. 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.
Terms Used In Indiana Code 23-17-8-3
- 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.
As added by P.L.179-1991, SEC.1.