§ 55A-6-20. Designations, qualifications, rights, and obligations of members.
Part 2. Members' Rights and Obligations.
§ 55A‑6‑20. Designations, qualifications, rights, and obligations of members.
If a corporation has members,the designations, qualifications, rights, and obligations of members shall beset forth in or authorized by the articles of incorporation or bylaws, and mayinclude any provisions not inconsistent with law or the articles ofincorporation with respect to:
(1) Conditions ofadmission and membership;
(2) Voting rights andthe manner of exercising voting rights;
(3) The relative rightsand obligations of members among themselves, to the corporation, and withrespect to the property of the corporation;
(4) The manner ofterminating membership in the corporation;
(5) The rights andobligations of the members and the corporation upon such termination;
(6) The transferabilityor nontransferability of memberships; and
(7) Any other matters.
Except as otherwise provided inor authorized by the articles of incorporation or bylaws, all members shallhave the same designations, qualifications, rights, and obligations. (1955,c. 1230; 1985 (Reg. Sess., 1986), c. 801, s. 35; 1993, c. 398, s. 1.)