Purchase of memberships

7-126-303. Purchase of memberships. 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.