[§421C-24]  Expulsion.  Pursuant to
section 421C-23(b), associations may provide for expulsion of members.  Unless
otherwise provided, a member may be expelled and lose all rights and privileges
in the association, by the vote of a majority of the directors voting at any
validly held meeting of directors.  The member against whom the charges are to
be proffered shall be informed thereof in writing at least ten days in advance
of the meeting, and shall have an opportunity to be heard in person or by counsel
at such meeting.  On decision of the association to expel a member, the
directors shall purchase the member's holdings at par or book value, whichever
is less, if and when there are sufficient surplus funds. [L 1982, c 97, pt of
§2]