North Dakota Code 10-33-59 – Transfer of membership
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1. Except as provided in the articles or bylaws, a member of a corporation may not transfer a membership or a right arising from it.
Terms Used In North Dakota Code 10-33-59
- 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.
2. When transfer rights have been provided, a restriction on them is not binding with respect to a member holding a membership issued before the adoption of the restriction unless the restriction is approved by the members and the affected member.