State Codes and Statutes
Statutes > Massachusetts > PARTI > TITLEXXII > CHAPTER171 > Section14Section 14. The board of directors may expel from a credit union any member who has not carried out his engagements with it, who has been convicted of a criminal offense, or who neglects or refuses to comply with the provisions of this chapter or of the by-laws of the credit union, or whose private life is a source of scandal, or who habitually neglects to pay his debts, or who becomes insolvent or bankrupt, or who has deceived the corporation or any committee thereof with regard to the use of borrowed money; provided, however, that no member shall be so expelled until he has been informed in writing of the charges against him, after reasonable notice and an opportunity to be heard thereon.
The amounts paid in on shares or deposited by members who have withdrawn or have been expelled shall be paid to them, in the order of withdrawal or expulsion, but only as funds therefor become available and after deducting any amounts due from such members to the credit union. Such expulsion shall not operate to relieve a member from any outstanding liability to the credit union.
