504.612 - TRANSFERS.
504.612 TRANSFERS. 1. Except as set forth in or authorized by the articles or bylaws, a member of a mutual benefit corporation shall not transfer a membership or any right arising therefrom. 2. A member of a public benefit or religious corporation shall not transfer a membership or any right arising therefrom. 3. Where transfer rights have been provided, a restriction on them shall not be binding with respect to a member holding a membership issued prior to the adoption of the restriction unless the restriction is approved by the members and the affected member.
Section History: Recent Form 2004 Acts, ch 1049, §39, 192