Transfer of membership interests

Transfer of membership interests. — (1) A member of a corporation may not transfer a membership or any right arising from membership except as otherwise allowed in this section. (2) Except as set forth in the articles of incorporation or bylaws of a mutual benefit corporation, a member of a mutual benefit corporation may not transfer a membership or any right arising from membership. (3) If transfer rights have been provided for one or more members of a mutual benefit corporation, a restriction on such rights is not binding with respect to a member holding a membership issued before the adoption of the restriction unless the restriction is approved by the members and the affected member.