Maine Revised Statutes Title 13 Sec. 2062 – — qualifications; withdrawals; transfers; suspension; valuation of interest
Current as of: 2023 | Check for updates
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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;
Terms Used In Maine Revised Statutes Title 13 Sec. 2062
- Appraisal: A determination of property value.
- Association: means any corporation organized under this chapter. See Maine Revised Statutes Title 13 Sec. 2003
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Member: includes members of associations without capital stock and holders of common stock in associations organized with shares of stock. See Maine Revised Statutes Title 13 Sec. 2003
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
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.