370.260. Cancellation of shares--member to keep credit union informed of current address--locator service charge. - Missouri Statutes

Cancellation of shares--member to keep credit union informed ofcurrent address--locator service charge.

370.260. 1. A credit union may, upon the resignation orexpulsion of a member, cancel the shares of such member and applythe withdrawal value of such shares toward the liquidation of themember's indebtedness.

2. Each member shall keep the credit union informed abouthis current address. In the event a member fails to do this, acharge may be made to the member's share account for the actualcost of necessary locator service in determining such address;provided, however, that such charge shall not exceed fivedollars. The charge shall be made only for amounts paid to aperson or concern normally engaged in providing such service, andshall be made against the account or accounts of any one membernot more than once in any twelve-month period.

(RSMo 1939 § 5532, A.L. 1945 p. 689, A.L. 1972 S.B. 502)

Prior revision: 1929 § 5090