370.340. Expulsion and withdrawal of members, expelled member's right to hearing--refunds. - Missouri Statutes

Expulsion and withdrawal of members, expelled member's right tohearing--refunds.

370.340. 1. At any regularly called meeting the members,by a two-thirds vote of those present, may expel from the creditunion any member thereof.

2. A member may withdraw from a credit union, as hereinprovided, by filing a written notice of such intention.

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

4. The share balance of an expelled or withdrawing member,with any dividends credited to his shares to the date ofexpulsion, or withdrawal, shall be paid to said member but onlyas funds therefor become available, and, after deducting anyamounts due to the credit union by said member. The sharebalance of an expelled or withdrawing member, with any dividendscredited to his shares, shall be paid to such member, subject tosixty days' notice, and after deducting any amounts due to thecredit union by said member.

5. Said member, when withdrawing shares, shall have nofurther right in said credit union or to any of its benefits, butsuch expulsion or withdrawal shall not operate to relieve suchmember from any remaining liability to the credit union.

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

Prior revision: 1929 § 5097