§421C-22  Transfer of shares and membership;withdrawal.  (a)  If a member desires to withdraw from the association ordispose of any or all of the member's holdings therein, the directors shallhave the power to purchase those holdings by paying the member out of surplusfunds the par value or book value, whichever is less, of any or all of theholdings offered.  The directors shall then reissue or cancel the holdings.

(b)  If the association fails, within ninetydays of the original offer, to purchase all or any part of the holdingsoffered, the member may dispose of the unpurchased interest elsewhere, subjectto the approval of the transferee by a majority vote of the directors.  Anyprospective transferee not approved by the directors may appeal to the membersat their first regular or special meeting thereafter, and the action of themeeting shall be final.  If such transferee is not approved, the directorsshall exercise their power to purchase, if and when there are sufficientsurplus funds.

(c)  Members who withdraw from an associationunder this section may not rejoin that association for six months except withthe majority approval of the directors. [L 1982, c 97, pt of §2; am L 1984, c217, §7]