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



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