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of <h1>Producer Company Shares: Non-transferable Without Board Approval, Nominee Gains Rights, Surrender If Non-producer or Disqualified.</h1> Shares of a Member in a Producer Company are generally non-transferable, except with Board approval to an active Member at par value. Members must nominate a person to inherit their shares upon death, with the nominee gaining all rights. If the nominee is not a producer, shares are surrendered to the company. The Board can also require share surrender if a Member ceases to be a primary producer or fails to meet membership qualifications, following notice and an opportunity for the Member to be heard.
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