[§421C-23]  Recall of member's holdings. (a)  The bylaws may give the directors the authority to use surplus funds torecall, at par value or book value, whichever is less, the holdings of anymember in excess of the amount requisite for membership.

(b)  The directors may purchase the amountrequisite for membership in cases of inactivity, expulsion, death of themember, or otherwise, as provided in the bylaws of the association.  When sorecalled, such stock or membership certificate shall be either reissued orcanceled. [L 1982, c 97, pt of §2]