504.623 Purchase of memberships.
1. A public benefit or religious corporation shall not purchase any of its memberships or any right arising therefrom.
2. 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. A payment shall not be made in violation of subchapter XIII.
2004 Acts, ch 1049, §45, 192
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