47-23-1. Classes of members--Corporations without members--Articles of incorporation as governing--Certificates of membership.

A corporation may have one or more classes of members or may have no members. If the corporation has one or more classes of members, the designation of such class or classes and the qualifications and rights of the members of each class shall be set forth in the articles of incorporation or by the bylaws. A corporation may issue certificates evidencing membership therein.

Source: SL 1965, ch 24, § 12.