Indiana Statutes
§ 23-17-7-5 — Transfer rights; restrictions
Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 17 NONPROFIT CORPORATIONS·Ch. 7 Members; Admission; Types of Memberships; Rights
(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.
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Legislative History
As added by P.L.179-1991, SEC.1.
Nearby Sections
15
§ 23-0.5-1-1
Short title§ 23-0.5-1-2
Application§ 23-0.5-1-3
Application; exceptions§ 23-0.5-1-4
Delivery of record§ 23-0.5-1-5
Rules and procedures§ 23-0.5-1-6
Terms dependent on facts ascertainable outside the plan or filed
document; articles of amendment§ 23-0.5-1.5-1
Application of definitions§ 23-0.5-1.5-10
"Filed record"§ 23-0.5-1.5-11
"Filing entity"§ 23-0.5-1.5-12
"Foreign"§ 23-0.5-1.5-13
"General partnership"§ 23-0.5-1.5-14
"Governance interest"§ 23-0.5-1.5-15
"Governing person"§ 23-0.5-1.5-16
"Interest"§ 23-0.5-1.5-17
"Interest holder"