Maine Revised Statutes
Subchapter 2: ORGANIZATION
13 §2062. -- qualifications; withdrawals; transfers; suspension; valuation of interest

§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.

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