§ 601. Member’s interest A member’s interest: (1) is personal property; (2) consists of: (A) governance rights; (B) financial rights; and (C) the right or obligation, if any, to do business with the mutual benefit enterprise; and (3) may be in certificated or uncertificated form. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April […]
§ 602. Patron and investor member’s interests (a) Unless the organic rules establish investor members’ interests, a member’s interest is a patron member’s interest. (b) Unless the organic rules otherwise provide, if a mutual benefit enterprise has investor members, while a person is a member of the enterprise, the person: (1) if admitted as a […]
§ 603. Transferability of member’s interest (a) The provisions relating to the transferability of a member’s interest are subject to Title 9A. (b) Unless the organic rules otherwise provide, a member’s interest other than financial rights is not transferable. (c) Unless a transfer is restricted or prohibited by the organic rules, a member may transfer […]
§ 604. Security interest and set-off (a) A member or transferee may create an enforceable security interest in its financial rights in a mutual benefit enterprise. (b) Unless the organic rules otherwise provide, a member may not create an enforceable security interest in the member’s governance rights in a mutual benefit enterprise. (c) The organic […]
§ 605. Charging orders for judgment creditor of member or transferee (a) On application by a judgment creditor of a member or transferee, a court may enter a charging order against the financial rights of the judgment debtor for the unsatisfied amount of the judgment. A charging order issued under this subsection constitutes a lien […]
