16-6a-610.   Purchase of memberships.
     (1) Unless otherwise provided by the bylaws, a nonprofit corporation may not purchase the membership of a member:
     (a) who resigns; or
     (b) whose membership is terminated.
     (2) (a) If so authorized, a nonprofit 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:
     (i) its bylaws; or
     (ii) agreement with the affected member.
     (b) A payment permitted under Subsection (2)(a) may not violate:
     (i) Section 16-6a-1301; or
     (ii) any other provision of this chapter.

Enacted by Chapter 300, 2000 General Session
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Last revised: Thursday, May 28, 2009