15-3-116. PURCHASE OF MEMBERSHIPS.

1. A public benefit corporation may 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.
3. A mutual benefit corporation shall not purchase its memberships unless after the purchase is completed:
   1. The corporation would be able to pay its debts as they become due in the usual course of its activities; and
   2. The corporation’s total assets would at least equal the sum of its total liabilities.