355.216. Purchase of membership, restrictions. - Missouri Statutes

Purchase of membership, restrictions.

355.216. 1. A public benefit corporation may not purchaseany of its memberships or any right arising therefrom.

2. A mutual benefit corporation may purchase the membershipof a member who resigns or whose membership is terminated for theamount and pursuant to the conditions set forth in or authorizedby its articles or bylaws. No payment shall be made in violationof section 355.661.

(L. 1994 H.B. 1095)

Effective 7-1-95