Section 4-33-622 - Purchase of memberships

(a) A public benefit or religious corporation may not purchase any of its memberships or any right arising therefrom.(b) A mutual benefit 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 its articles or bylaws. No payment shall be made in violation of §§ 4-33-1301 et seq.Acts 1993, No. 1147, § 622.