Section 23-17-8-3 - Purchase of memberships or membership rights; public benefit or religious corporation; mutual benefit corporation(a) A public benefit or religious corporation may not purchase any of the corporation's memberships or any right arising from a membership.(b) A mutual benefit corporation may purchase the membership of a member who resigns or whose membership is terminated for the amount and under the conditions set forth in or authorized by the corporation's articles of incorporation or bylaws. A payment may not be made in violation of IC 23-17-21.As added by P.L. 179-1991, SEC.1.