Section 370.340

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

Effective - 28 Aug 2020, 2 histories   

  370.340.  Expulsion and withdrawal of members — refunds. — 1.  At any regularly called meeting the members, by a two-thirds vote of those present, may expel from the credit union any member thereof.

  2.  A member may withdraw from a credit union upon request.

  3.  The board of directors, the president, or an executive officer designated by the board may expel a member pursuant to a written policy adopted by the board.  Any person expelled shall have the right to appeal the decision pursuant to a written policy adopted by the board.

  4.  The share balance of an expelled or withdrawing member, with any dividends credited to his or her shares to the date of expulsion, or withdrawal, shall be paid to said member but only as funds therefor become available, and, after deducting any amounts due to the credit union by said member.  The share balance of an expelled or withdrawing member, with any dividends credited to his or her shares, shall be paid to such member, subject to sixty days' notice, and after deducting any amounts due to the credit union by said member.

  5.  Said member, when withdrawing shares, shall have no further right in said 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.

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(RSMo 1939 § 5539, A.L. 1945 p. 689, A.L. 1994 H.B. 1312, A.L. 2020 S.B. 599)

Prior revision: 1929 § 5097