§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]
Structure Hawaii Revised Statutes
Title 23. Corporations and Partnerships
421C. Consumer Cooperative Associations
421C-3 Stock and nonstock associations; general corporation laws, when applicable.
421C-19 Limitations on interest-dividends.
421C-20 Admission to membership.
421C-21 Issuance of stock and membership certificates.
421C-22 Transfer of shares and membership; withdrawal.
421C-23 Recall of member's holdings.
421C-25 Allocation and distribution of net savings.
421C-26 Cooperative agreements.
421C-30 Voluntary dissolution, etc.
421C-32 Associations and agreements are not in restraint of trade.
421C-34 Use of name "cooperative"; penalty.
421C-35 Construction of chapter.
421C-36 Exemption of voting stock from registration.
421C-37 Existing cooperatives.