Unless otherwise provided by the bylaws, a nonprofit corporation shall not purchase the membership of a member who resigns or whose membership is terminated. If so authorized, a nonprofit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions stated in or authorized by its bylaws. No payment shall be made in violation of article 133 of this title.
Source: L. 97: Entire article added, p. 673, � 3, effective July 1, 1998. L. 2003: Entire section amended, p. 2338, � 291, effective July 1, 2004.
7-126-304. Residential membership - return of consideration - cessation of periodic payments - time limits - effective date. (1) Notwithstanding any provision of the articles of incorporation or bylaws to the contrary:
(a) (I) A residential nonprofit corporation shall refund the entrance fee of a residential member to the member or his or her heirs within ninety days after a transfer of the residential membership.
(II) (A) This paragraph (a) applies only to contracts entered into on or after March 11, 2011.
(B) (Deleted by amendment, L. 2012.)
(b) (Deleted by amendment, L. 2012.)
Source: L. 2011: Entire section added, (HB 11-1110), ch. 22, p. 55, � 2, effective March 11; (1)(a) amended, (HB 11-1324), ch. 268, p. 1222, � 1, effective June 2. L. 2012: (1) amended, (SB 12-024), ch. 39, p. 137, � 1, effective March 22.