355.191. Membership transfer restricted, when. - Missouri Statutes

Membership transfer restricted, when.

355.191. 1. Except as set forth in or authorized by thearticles or bylaws, no member of a mutual benefit corporation maytransfer a membership or any right arising therefrom.

2. No member of a public benefit corporation may transfer amembership or any right arising therefrom.

3. Where transfer rights have been provided, no restrictionon them shall be binding with respect to a member holding amembership issued prior to the adoption of the restriction unlessthe restriction is approved by the members and the affectedmember.

(L. 1994 H.B. 1095)

Effective 7-1-95