1. 1. Except as set forth in or authorized by the articles or bylaws, no member of a mutual benefit corporation may transfer a membership or any right arising therefrom.
2. 2. No member of a public benefit corporation may transfer a membership or any right arising therefrom.
3. 3. Where transfer rights have been provided, no restriction on them shall be binding with respect to a member holding a membership issued prior to the adoption of the restriction unless the restriction is approved by the members and the affected member.

(L. 1994 H.B. 1095)

Effective 7-01-95