35-2-514. Transfers. (1) Except as set forth in or authorized by the articles or bylaws, a member of a mutual benefit corporation may not transfer a membership or any right arising from a membership.
(2) A member of a public benefit or religious corporation may not transfer a membership or any right arising from a membership.
(3) When transfer rights have been provided, a restriction on them is not binding on 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.
History: En. Sec. 43, Ch. 411, L. 1991.