The bylaws may provide:

1. (1) The number and qualification of members of the association and the conditions precedent to membership or ownership of common stock.
2. (2) The method, time, and manner of permitting members to withdraw or the holders of common stock to transfer their stock.
3. (3) The manner of assignment and transfer of the interest of members and of the shares of common stock.
4. (4) The conditions upon which and time when membership of any member shall cease.
5. (5) For the automatic suspension of the rights of a member when he or she ceases to be eligible to membership in the association; and the mode, manner, and effect of the expulsion of a member.
6. (6) 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 or her 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.

[ 2011 c 336 s 677; 1959 c 312 s 17.]