The
bylaws may provide:
(1) The number and qualification of members of the
association and the conditions precedent to membership or
ownership of common stock.
(2) The method, time, and manner of permitting members to
withdraw or the holders of common stock to transfer their stock.
(3) The manner of assignment and transfer of the interest of
members and of the shares of common stock.
(4) The conditions upon which and time when membership of
any member shall cease.
(5) For the automatic suspension of the rights of a member
when he or she ceases to be eligible to membership in the
association; and the mode, manner, and effect of the expulsion of
a member.
(6) The manner of determining the value of a member's
interest and provision for its purchase by the association upon
the death or withdrawal of a member or upon the expulsion of a
member or forfeiture of his or her membership, or at the option
of the association, the purchase at a price fixed by conclusive
appraisal by the board of directors; and the conditions and terms
for the repurchase by the corporation from its stockholders of
their stock upon their disqualification as stockholders.
[2011 c 336 § 677; 1959 c 312 § 17.]