Title 16 Chapter 6a Section 610
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Corporations | |
Utah Revised Nonprofit Corporation Act | |
Section 610 | Purchase of memberships. |
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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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