US Laws, Codes, Statutes & Cases

 
  § 601. Members.
    (a)  A  corporation  shall have one or more classes of members, or, in
  the case of a Type B corporation, may have no members, in which case any
  such provision for classes of members or for no  members  shall  be  set
  forth in the certificate of incorporation or the by-laws.  Corporations,
  joint-stock  associations, unincorporated associations and partnerships,
  as well as any other person without limitation, may be members.
    (b) If the corporation  has  two  or  more  classes  of  members,  the
  designation and characteristics of each class and the qualifications and
  rights  of,  and  limitations upon, the members of each class may be set
  forth in the certificate  of  incorporation,  the  by-laws  or,  if  the
  by-laws so provide, a resolution of the board.
    (c)  If  the  corporation  has members, membership may be effected and
  evidenced by:
    (1) Signature on the certificate of incorporation.
    (2) Designation in the certificate of incorporation or the by-laws.
    (3) Membership certificate or card or capital certificate.
    (4) Such method, including but not limited to  the  foregoing,  as  is
  prescribed by the certificate of incorporation or the by-laws.
    (d) Membership certificates or cards shall not be transferable. If the
  certificate  of incorporation or by-laws permits transfer of membership,
  upon each such transfer the certificate  or  card  issued  to  a  former
  member  shall  be  surrendered,  and  a new certificate or card shall be
  issued to the new member.
    (e) Except as otherwise provided in this chapter or the certificate of
  incorporation or the by-laws, membership shall be terminated  by  death,
  resignation,   expulsion,   expiration   of  a  term  of  membership  or
  dissolution and liquidation under articles 10 and 11.