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(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.]