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