17-2219.Expulsion of members, when; procedure; members may withdraw;
refund of money paid in.
(a)
Any member may be expelled from the credit union:
(1) By a 2/3 vote of the members present at any regularly called meeting
of the membership; or
(2) in accordance with the provisions of subsection (b), by the board of
directors for a member's abuse of member account privileges, a member's act or
failure to act which causes financial loss to the credit union, or a member's
failure to purchase shares and utilize loan or other services of the credit
union. The board of directors shall report the expulsion of a member at the
next regularly scheduled members' meeting.
(b) The board of directors of a credit union may adopt a policy with
respect to expulsion from membership for any reason set forth in paragraph
(2) of subsection (a). If such a policy is adopted, written notice of the
policy as adopted and effective date of such policy shall be mailed to each
member of the credit union at the member's current address appearing on the
records of the credit union not less than 30 days prior to the effective date
of such policy. In addition, each new member shall be provided written notice
of any such policy prior to or upon applying for membership. The board of
directors of a credit
union shall provide the member with a notice of expulsion from the
membership not less than 30 days prior to the effective date of the
expulsion. Within the thirty-day period, the member, by written request,
may require the board of directors to bring the member's expulsion before
the credit union membership at the next regularly scheduled members'
meeting. If the member makes such written request, the board of directors'
expulsion of such member shall be delayed until the credit union membership
votes on such member's expulsion as provided under subsection (a).
(c) A member may withdraw from a credit union, as hereinafter
provided,
by filing a written
notice of such intention. All amounts paid on shares of an expelled or
withdrawing member, with any dividends credited to the member's shares to
the date of expulsion, or withdrawal, shall be paid to the member, but only
as funds become available and after deducting any amounts due to the credit
union by the member. All shares of an expelled or withdrawing member, with
any interest accrued, shall be paid to the member, subject to 60 days'
notice, and after deducting any amounts due to the credit union by the
member. The member, when withdrawing shares, shall have no further right in
the credit union or to any of its benefits, but such expulsion or
withdrawal shall not operate to relieve such member from any remaining
liability to the credit union.
History: L. 1929, ch. 141, § 19; L. 1983, ch. 83, § 4;
L. 1989, ch. 77, § 2;
L. 1993, ch. 26, § 1; July 1.
17-2219.Expulsion of members, when; procedure; members may withdraw;
refund of money paid in.
(a)
Any member may be expelled from the credit union:
(1) By a 2/3 vote of the members present at any regularly called meeting
of the membership; or
(2) in accordance with the provisions of subsection (b), by the board of
directors for a member's abuse of member account privileges, a member's act or
failure to act which causes financial loss to the credit union, or a member's
failure to purchase shares and utilize loan or other services of the credit
union. The board of directors shall report the expulsion of a member at the
next regularly scheduled members' meeting.
(b) The board of directors of a credit union may adopt a policy with
respect to expulsion from membership for any reason set forth in paragraph
(2) of subsection (a). If such a policy is adopted, written notice of the
policy as adopted and effective date of such policy shall be mailed to each
member of the credit union at the member's current address appearing on the
records of the credit union not less than 30 days prior to the effective date
of such policy. In addition, each new member shall be provided written notice
of any such policy prior to or upon applying for membership. The board of
directors of a credit
union shall provide the member with a notice of expulsion from the
membership not less than 30 days prior to the effective date of the
expulsion. Within the thirty-day period, the member, by written request,
may require the board of directors to bring the member's expulsion before
the credit union membership at the next regularly scheduled members'
meeting. If the member makes such written request, the board of directors'
expulsion of such member shall be delayed until the credit union membership
votes on such member's expulsion as provided under subsection (a).
(c) A member may withdraw from a credit union, as hereinafter
provided,
by filing a written
notice of such intention. All amounts paid on shares of an expelled or
withdrawing member, with any dividends credited to the member's shares to
the date of expulsion, or withdrawal, shall be paid to the member, but only
as funds become available and after deducting any amounts due to the credit
union by the member. All shares of an expelled or withdrawing member, with
any interest accrued, shall be paid to the member, subject to 60 days'
notice, and after deducting any amounts due to the credit union by the
member. The member, when withdrawing shares, shall have no further right in
the credit union or to any of its benefits, but such expulsion or
withdrawal shall not operate to relieve such member from any remaining
liability to the credit union.
History: L. 1929, ch. 141, § 19; L. 1983, ch. 83, § 4;
L. 1989, ch. 77, § 2;
L. 1993, ch. 26, § 1; July 1.
17-2219.Expulsion of members, when; procedure; members may withdraw;
refund of money paid in.
(a)
Any member may be expelled from the credit union:
(1) By a 2/3 vote of the members present at any regularly called meeting
of the membership; or
(2) in accordance with the provisions of subsection (b), by the board of
directors for a member's abuse of member account privileges, a member's act or
failure to act which causes financial loss to the credit union, or a member's
failure to purchase shares and utilize loan or other services of the credit
union. The board of directors shall report the expulsion of a member at the
next regularly scheduled members' meeting.
(b) The board of directors of a credit union may adopt a policy with
respect to expulsion from membership for any reason set forth in paragraph
(2) of subsection (a). If such a policy is adopted, written notice of the
policy as adopted and effective date of such policy shall be mailed to each
member of the credit union at the member's current address appearing on the
records of the credit union not less than 30 days prior to the effective date
of such policy. In addition, each new member shall be provided written notice
of any such policy prior to or upon applying for membership. The board of
directors of a credit
union shall provide the member with a notice of expulsion from the
membership not less than 30 days prior to the effective date of the
expulsion. Within the thirty-day period, the member, by written request,
may require the board of directors to bring the member's expulsion before
the credit union membership at the next regularly scheduled members'
meeting. If the member makes such written request, the board of directors'
expulsion of such member shall be delayed until the credit union membership
votes on such member's expulsion as provided under subsection (a).
(c) A member may withdraw from a credit union, as hereinafter
provided,
by filing a written
notice of such intention. All amounts paid on shares of an expelled or
withdrawing member, with any dividends credited to the member's shares to
the date of expulsion, or withdrawal, shall be paid to the member, but only
as funds become available and after deducting any amounts due to the credit
union by the member. All shares of an expelled or withdrawing member, with
any interest accrued, shall be paid to the member, subject to 60 days'
notice, and after deducting any amounts due to the credit union by the
member. The member, when withdrawing shares, shall have no further right in
the credit union or to any of its benefits, but such expulsion or
withdrawal shall not operate to relieve such member from any remaining
liability to the credit union.
History: L. 1929, ch. 141, § 19; L. 1983, ch. 83, § 4;
L. 1989, ch. 77, § 2;
L. 1993, ch. 26, § 1; July 1.