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Nontransferable membership interests - 15 Pa. Cons. Stat. § 9103

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     § 9103.  Nontransferable membership interests.
        (a)  General rule.--For the purpose of encouraging lawful
     associational activity among agricultural and industrial workers
     through the organization of unincorporated associations for
     mutual benefit insurance, saving or other lawful objects where
     the persons so organizing derive benefits from the preservation
     and continuance of the membership and interest among persons
     engaged in a common calling, labor or enterprise, the
     unincorporated association may provide, in its organic
     documents, that membership in the association or interest in its
     funds or property shall be nontransferable without the consent
     of the association.
        (b)  Assignments and pledges.--No attempted assignment,
     transfer or pledge of a membership or interest made in violation
     of a transfer restriction adopted pursuant to subsection (a)
     shall pass any right or interest, legal or equitable, to the
     person to whom it is attempted to be made if the transfer
     restriction is brought to the knowledge of that person.
        (c)  Knowledge of nontransferability.--Whenever the interest
     of a member in the funds or property of any unincorporated
     association subject to subsection (a) is evidenced by a
     certificate, an endorsement thereon that the certificate is
     nontransferable shall be conclusive evidence that the person to
     whom any attempted assignment, transfer or pledge of the
     certificate is made has knowledge of the nontransferable
     character of the interest of the member.

Last modified: November 27, 2007