(a) When a member of a corporation has paid the membership fee in full, a certificate of membership shall be issued to the member.(b) Memberships in the corporation and the certificates shall be nontransferable.(c) The certificate of membership shall be surrendered to the corporation upon the resignation, expulsion, or death of the member.Acts 1937, No. 342, § 16; Pope's Dig., § 2330; A.S.A. 1947, § 77-1116.
Arkansas Legal Code