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



(b)  If the association fails, within ninety
days of the original offer, to purchase all or any part of the holdings
offered, the member may dispose of the unpurchased interest elsewhere, subject
to the approval of the transferee by a majority vote of the directors.  Any
prospective transferee not approved by the directors may appeal to the members
at their first regular or special meeting thereafter, and the action of the
meeting shall be final.  If such transferee is not approved, the directors
shall exercise their power to purchase, if and when there are sufficient
surplus funds.



(c)  Members who withdraw from an association
under this section may not rejoin that association for six months except with
the majority approval of the directors. [L 1982, c 97, pt of §2; am L 1984, c
217, §7]