resources / Statutes / Nonprofit Corporations / §10-3622

Title 10 – Corporations and Associations

Chapter 29 – Members and Membership-nonprofit Corporations

Article 3 – Resignation and Termination

  • Except as provided in the articles of incorporation or bylaws, a corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its articles of incorporation or bylaws. A corporation shall not make a payment that violates section 10-11301 or 10-11302.