504.623 Purchase of memberships. 1. A public benefit or religious corporation shall not purchase any of its memberships or any right arising therefrom. 2. 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. A payment shall not be made in violation of subchapter XIII. 2004 Acts, ch 1049, §45, 192
Iowa Legal Code