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.
As added by P.L.179-1991, SEC.1.
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.