§ 516. Distributions to members upon termination of membership.\n (a) Except as provided in this chapter or the certificate of\nincorporation or the by-laws, the interest of a member in the property\nof a corporation shall terminate upon the termination of his membership,\nwhether by expiration of the term of membership, or by the death,\nvoluntary withdrawal, or expulsion of the member, or otherwise. Such\ntermination shall be without prejudice to his rights, if any, as holder\nof a capital or subvention certificate.\n (b) In the event of a termination of membership, whether voluntary or\ninvoluntary, and subject to any restrictions contained in this chapter\nor the certificate of incorporation or the by-laws, a corporation may at\nits option thereafter call for redemption any capital c
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§ 516. Distributions to members upon termination of membership.\n (a) Except as provided in this chapter or the certificate of\nincorporation or the by-laws, the interest of a member in the property\nof a corporation shall terminate upon the termination of his membership,\nwhether by expiration of the term of membership, or by the death,\nvoluntary withdrawal, or expulsion of the member, or otherwise. Such\ntermination shall be without prejudice to his rights, if any, as holder\nof a capital or subvention certificate.\n (b) In the event of a termination of membership, whether voluntary or\ninvoluntary, and subject to any restrictions contained in this chapter\nor the certificate of incorporation or the by-laws, a corporation may at\nits option thereafter call for redemption any capital certificate or\ncertificates held by such former member, and redeem the same upon\npayment of a sum of money equal to the redemption price thereof if such\ncertificates are by their terms redeemable, or upon payment of a sum of\nmoney equal to the amount of the capital contribution evidenced by such\ncertificates if they are not by their express terms redeemable.\n (c) If a member who would upon dissolution of the corporation have\ndistributive rights in its assets under paragraph (d) of section 507\n(Fees, dues and assessments; fines and penalties) is expelled other than\nfor cause pursuant to a provision of the certificate of incorporation or\nby-laws authorizing such expulsion, and the corporation is dissolved\nwithin a period of five years after the date of such expulsion, the\nexpelled member shall be entitled to share in the distribution of assets\nin the same manner as other members of the same class entitled to share\nat that time, except that his share shall be charged with any arrearages\nand all dues and assessments which he would have paid if he had remained\na member, plus interest on all such items.\n (d) Nothing in this section shall authorize a corporation to make a\ndistribution of cash or property to a former member in contravention of\nthe provisions of section 515 (Dividends prohibited; certain\ndistributions of cash or property authorized).\n