In case of the expulsion of a member, and where the bylaws do not provide any procedure or penalty, the board of directors shall equitably and conclusively appraise his or her property interest in the association and shall fix the amount thereof in money, which shall be paid to him or her within one year after such expulsion.

Terms Used In Washington Code 24.36.290

  • Association: means any corporation organized under this chapter. See Washington Code 24.36.030
  • Member: includes members of associations without capital stock and holders of common stock in associations organized with shares of stock. See Washington Code 24.36.030
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