70-716. Membership certificate; issuance; transfer; conditions.When a member of a corporation has paid the membership fee in full, a certificate of membership shall be issued to such member. After such membership fee has been paid in full, memberships and certificates in the corporation shall be transferable upon the books of the corporation to other persons eligible for membership in such corporation; Provided, that, five days before the transfer thereof, such membership, and certificate, has been offered for redemption to the corporation at its book value and such corporation has refused to purchase the same.Source Laws 1937, c. 50, § 16, p. 208; C.S.Supp.,1941, § 70-816; R.S.1943, § 70-716.
Nebraska Legal Code