Appraisal of expelled member's property—Payment.

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.[ 2011 c 336 s 680; 1959 c 312 s 29.]