6-524. Termination of membership
A. A member may withdraw from a credit union at any time on giving notice of
withdrawal as required in the bylaws. The credit union may require up to sixty days'
notice of the intention to withdraw shares or deposits, but the notice does not entitle
the member to any preferred or prior claim in the event of liquidation.
B. A member may be expelled by a two-thirds vote of the members present at any
regular meeting or a special meeting of the membership, but only after the member has had
an opportunity to be heard at the meeting, or the board of directors may expel a member
pursuant to a written policy adopted by it. The board shall give all members written
notice of the terms of any such policy. A person being considered for expulsion by the
board has the right to a hearing before the board. Not less than ten days before the
consideration of any expulsion of a member, whether by action of the membership or of the
board, the affected member shall be provided with a written notice of the potential
expulsion and a list of the reasons for the expulsion.
C. As monies become available and after deducting all amounts due from the member
to the credit union, the credit union shall pay to the withdrawing or expelled member the
amounts paid on shares and deposits by the withdrawing or expelled member, with any
dividends or earnings accredited. Withdrawing or expelled members have no further rights
in the credit union but are not released, by the withdrawal or expulsion, from any
remaining liability to the credit union.
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