§ 5-205. When membership reduced by death or resignation

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(a) Reduction of membership below majority. -- A nonstock corporation is not required to dissolve merely because the death or resignation of a member reduces the actual number of members to less than required by its charter or bylaws.

(b) Power of remaining members. -- As long as there is a remaining member, he may fill vacancies and continue the corporate existence.

HISTORY: An. Code 1957, art. 23, § 134; 1975, ch. 311, § 2.

                    
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