Membership and Shares

The approval of the Board of Directors of an application for membership or of the allotment, assignment, or transfer of shares shall be recorded in the book of the proceedings of the Board and the name of the approved applicant shall be entered forthwith in the register of members.
Where there are joint holders of any share or membership, any one of such persons may vote at any meeting, such person to be decided by the joint holders of any share or membership. If one of the joint holders is elected to the Board of Directors, then, that person shall hold the privilege of the vote.
The association shall not be required to issue a certificate of title to shares, member loans or membership, but shall issue to each member within six months of the end of each fiscal year, a statement of the member's equity in the association.
Any member who fails to make the agreed payments for shares subscribed, or for his membership fee, or for other agreed fees may, at the discretion of the Board of Directors, be expelled from membership. In such cases, the money already paid for shares subscribed shall be returned to him. Membership fees shall not be refunded to an expelled member of an association limited by membership unless provision to the contrary has been made in the by-laws.
A copy of the by-laws of an association shall be given to each member on demand.
The Board of Directors shall have the authority to repurchase the shares or member loans and to cancel the membership of any member who has died; who has ceased to patronize the business of the association; who has failed to meet his installments within the time specified; or for any other reason has been judged unfit for membership.

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Membership and Shares