(1) All cooperatives shall be organized on a membership basis with no capital stock, or shall be organized on a membership basis with capital stock. (2) A cooperative may have one or more classes of members. The designation, qualifications, requirements, method of acceptance, and incidents of membership of each class shall be set forth in the bylaws. Any person, including a partnership, incorporated or unincorporated association, limited liability company, corporation, or body politic, may become a member in accordance with the bylaws. (3) No member may transfer his or her membership except as permitted in the bylaws. (4) The bylaws may provide for termination of membership and the conditions and terms thereof.
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