§7-126-304 Residential membership – return of consideration – cessation of periodic payments – time limits – effective date
Title 7 – Corporations and Associations
Article 126 – Members and Memberships
Residential membership – return of consideration – cessation of periodic payments – time limits – effective date
(1) Notwithstanding any provision of the articles of incorporation or bylaws to the contrary:
(a)
(I) A residential nonprofit corporation shall refund the entrance fee of a residential member to the member or his or her heirs within ninety days after a transfer of the residential membership.
(II)
(A) This paragraph (a) applies only to contracts entered into on or after March 11, 2011.
(B) (Deleted by amendment, L. 2012.)
(b) (Deleted by amendment, L. 2012.)
