Ind. Code § 23-17-8-3 – Purchase of memberships or membership rights; public benefit or religious corporation; mutual benefit corporation

(a) A public benefit or religious corporation may not purchase any of the corporation's memberships or any right arising from a membership.
(b) A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and under the conditions set forth in or authorized by the corporation's articles of incorporation or bylaws. A payment may not be made in violation of IC 23-17-21 .

As added by P.L.179-1991, SEC.1.