Maine Statutes
§ 13 §2155 — Expulsion; payment for interest
In case of the expulsion of a member, and when the bylaws do not provide a procedure or penalty, the board of directors shall equitably and conclusively appraise the member's property interest in the association and shall fix the amount of the member's property interest in money, which must be paid to the member within one year after the expulsion.
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Legislative History
RR 2025, c. 1, Pt. E, §26 (COR).
Nearby Sections
15
§ 13 §2101
Board of directors§ 13 §2102
-- meetings§ 13 §2103
-- vacancies§ 13 §2105
Compensation§ 13 §2106
Charges; petition§ 13 §2107
Notice; hearing§ 13 §2108
Vote; time; majority required§ 13 §2151
Qualifications§ 13 §2152
Certificate§ 13 §2153
Liability for debts§ 13 §2154
Meetings; place§ 13 §2155
Expulsion; payment for interest§ 13 §2191
Payment; common; ownership limitations