(1) Subject to subsection (2) of this section, a credit union may expel any member of the credit union who:
(a) Has not carried out the memberís engagements with the credit union;
(b) Has been convicted of a criminal offense;
(c) Fails to comply with the provisions of this chapter or of the credit unionís articles, bylaws or policies;
(d) Threatens, harasses or abuses any member, employee, board or committee member or agent of the credit union; or
(e) Habitually neglects to pay the memberís debts or becomes insolvent or bankrupt.
(2) A credit union that expels a member shall inform the member in writing of the reasons for the expulsion and give the expelled member reasonable opportunity to request the credit unionís board of directors to reinstate the member. Members of a credit union who withdraw or are expelled shall not be relieved of any liability to the credit union. The amounts paid in on shares or deposited by such members, together with any dividends credited to their shares and any interest which has accrued on their deposits, shall be repaid to them in the order of their withdrawal or expulsion, as funds become available therefor, but the credit union may deduct from such payments any sums due to the credit union from such members. [1975 c.652 §24; 1985 c.762 §94; 1999 c.185 §13; 2007 c.343 §6]Section: Previous 723.176 723.182 723.184 723.186 723.188 723.192 723.196 723.202 723.210 723.220 723.230 723.240 723.245 723.250 723.252 Next
Last modified: August 7, 2008