Purchase of memberships
In plain English: Addresses the association buying back a membership. Unless the articles or bylaws provide otherwise, the association may purchase the membership of a member who resigns or whose membership is terminated, for the amount and on the conditions set in or allowed by its articles or bylaws. The association cannot make a payment that would violate the statutes limiting distributions (sections 10-11301 and 10-11302).
10-3622. Purchase of memberships
Except as provided in the articles of incorporation or bylaws, a corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and pursuant to the conditions set forth in or authorized by its articles of incorporation or bylaws. A corporation shall not make a payment that violates section 10-11301 or 10-11302.