Hawaii Revised Statutes 421C-24 – Expulsion
Terms Used In Hawaii Revised Statutes 421C-24
- Association: means a consumer cooperative association. See Hawaii Revised Statutes 421C-1
- Directors: means the board of directors of an association. See Hawaii Revised Statutes 421C-1
- Member: means a member of either a stock or a nonstock association in accordance with section 421C-3. See Hawaii Revised Statutes 421C-1
- Surplus funds: means funds of an association which may be utilized for capital improvements, emergencies, or other expenditures of the association upon the authorization of the directors as specified in § 421C-25 or as otherwise specified in this chapter. See Hawaii Revised Statutes 421C-1
Pursuant to section member‘s holdings” class=”unlinked-ref” datatype=”S” sessionyear=”2019″ statecd=”HI”>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.