2018 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 504 - REVISED IOWA NONPROFIT CORPORATION ACT
Section 504.623 - Purchase of memberships.

Universal Citation: IA Code § 504.623 (2018)

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, ยง45, 192

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