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Iowa Code § 504.623

Purchase of memberships

Known as the Revised Iowa Nonprofit Corporation Act

The act spans §§ 504–504 (189 sections).

2004 Acts, ch 1049, §45, 192

1. A public benefit or religious corporation shall not purchase any of its memberships or any right arising therefrom.

2. A mutual benefit 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 or bylaws. A payment shall not be made in violation of subchapter XIII.

Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.