Sec. 29. (a) An association may provide in the association’s articles of incorporation or bylaws that a member is not entitled to more than one (1) vote regardless of the amount of capital invested in or number of shares of voting stock owned by the member.

     (b) The voting stock of or membership in an association may not be transferred to persons or associations that are not qualified to be members of an association organized under or governed by this chapter, and this restriction must be printed on every membership certificate and certificate of voting stock.

[Pre-2008 Recodification Citations: subsection (a) formerly 15-7-1-13(d); subsection (b) formerly 15-7-1-13(e).]

As added by P.L.2-2008, SEC.3.