HRS §421C-23
When the association can buy back your membership
This section lets the association's rules allow directors to use extra money to buy back a member's shares or membership if they are more than needed. It also lets directors buy the required amount in cases like inactivity, expulsion, or death. The bought-back shares are then reissued or canceled.
condominium associations
The statute, as written — Recall of member's holdings
(a) The bylaws may give the directors the authority to use surplus funds to recall, at par value or book value, whichever is less, the holdings of any member in excess of the amount requisite for membership. (b) The directors may purchase the amount requisite for membership in cases of inactivity, expulsion, death of the member, or otherwise, as provided in the bylaws of the association. When so recalled, such stock or membership certificate shall be either reissued or canceled.
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