The bylaws may make provision for the expulsion of members by a two-thirds (⅔) vote of the members present at a regular or special meeting. The bylaws shall provide for the giving to a member of written notice of the charges against him or her at least three (3) weeks in advance of the meeting. The member shall have opportunity to be heard in person, or by counsel, at the meeting. On decision of the association to expel a member, the board of directors shall purchase the member’s holdings at par value, when there are sufficient reserve funds.
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