355.216. Purchase of membership, restrictions. — 1. A public benefit corporation may 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. No payment shall be made in violation of section 355.661.
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(L. 1994 H.B. 1095)
Effective 7-01-95
---- end of effective 01 Jul 1995 ----
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