8.30.150 Purchase of memberships.
This section is included in your selections.
(a) A public benefit corporation cannot purchase either 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 subject to conditions set forth in or authorized by its articles of incorporation or bylaws.
(c) A mutual benefit corporation can only purchase its memberships if, after the purchase is completed:
(1) The corporation will be able to pay debts as they become due in the usual course of business; and
(2) The corporation’s total assets would at least equal the sum of its total liabilities. [Ord. 18 Part VI § 15, adopted, 10/7/2008.]