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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 370back to chapter 370

  370.340.  Expulsion and withdrawal of members, expelled member's right to hearing — 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, as herein provided, by filing a written notice of such intention.

  3.  The board of directors may expel a member pursuant to a written policy adopted by it.  Any person expelled by the board shall have the right to request a hearing before the board to reconsider the expulsion.

  4.  The share balance of an expelled or withdrawing member, with any dividends credited to his 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 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)

Prior revision: 1929 § 5097


< end of effective 28 Aug 1994 >

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