Maine Revised Statutes

§2062. -- qualifications; withdrawals; transfers; suspension; valuation of interest

The bylaws may provide:

1. Membership.  The number and qualification of members of the association and the conditions precedent to membership or ownership of common stock;
2. Withdrawal.  The method, time and manner of permitting members to withdraw or the holders of common stock to transfer their stock;
3. Transfer of interest.  The manner of assignment and transfer of the interest of members and of the shares of common stock;
4. Cessation of membership.  The conditions upon which and time when membership of any member shall cease;
5. Suspension.  For the automatic suspension of the rights of a member when he ceases to be eligible to membership in the association; and the mode, manner and effect of the expulsion of a member; and
6. Valuation of interest.  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 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.