§ 7-7-9 - Membership certificates – Settlement on termination of membership.
SECTION 7-7-9
§ 7-7-9 Membership certificates –Settlement on termination of membership. – Every association formed under this chapter without capital stock shall issue acertificate of membership to each member which, unless otherwise provided inits articles of incorporation or bylaws, is nontransferable. In the case ofassociations organized without capital stock in the event of the death,withdrawal or expulsion of a member, the board of directors shall, within areasonable time, equitably and conclusively ascertain the amount of themember's interest in the association, which shall be paid him or her or his orher legal representative by the association in whole or in yearly partialpayments within five (5) years from ascertainment.