16-6a-610. Purchase of memberships.
(1) Unless otherwise provided in the articles of incorporation or the bylaws, a nonprofit corporation may not purchase the membership of a member: who resigns; or whose membership is terminated.
(2) 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 set forth in or authorized by: its articles of incorporation or its bylaws; or agreement with the affected member. A payment permitted under Subsectionmay not violate: (2)(a) Section; or 16-6a-1301 any other provision of this chapter.
(3) A mutual benefit corporation may purchase a member's membership if, after the purchase is completed: the mutual benefit corporation would be able to pay its debts as they become due in the usual course of its activities; and the mutual benefit corporation's total assets would at least equal the sum of its total liabilities.
(4) A water company may purchase the shares of a shareholder who is delinquent in payment of shareholder assessments, in accordance with. Chapter 4, Share Assessment Act