Sec. 5. (a) Except as set forth in or authorized by articles of incorporation or bylaws, a member of a corporation may not transfer a membership or any right arising from a membership.
(b) Where transfer rights have been provided, a restriction on transfer rights may not be binding with respect to a member holding a membership issued before the adoption of the restriction unless the restriction is approved by the members and the affected member.
As added by P.L.179-1991, SEC.1.
Structure Indiana Code
Title 23. Business and Other Associations
Article 17. Nonprofit Corporations
Chapter 7. Members; Admission; Types of Memberships; Rights and Duties
23-17-7-1. Criteria or Procedures for Admission; Consent
23-17-7-2. Consideration for Admission
23-17-7-3. Corporations Without Members
23-17-7-4. Rights and Duties; Membership Classes
23-17-7-5. Transfer Rights; Restrictions
23-17-7-6. Liability for Acts or Debts of Corporation
23-17-7-7. Liability for Obligations; Transferee's Liability
23-17-7-8. Creditor's Proceedings; Liability of Members; Prerequisites; Intervention and Joinder
23-17-7-9. Advancements or Loans to Corporation; Return or Repayment