45-4-302 - Expulsion or withdrawal of members Settlement thereon. - Tennessee Statutes

45-4-302. Expulsion or withdrawal of members Settlement thereon.

(a)  At any regularly called meeting, the members, by a two-thirds (2/3) vote of those present, may expel from the corporation any member. A member may withdraw from a credit union or a nonmember may withdraw members' special accounts, as provided in this section, by filing a written notice of intention.

(b)  All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to the member's shares to the date of expulsion or withdrawal shall be paid to the member, but only after funds become available and after deducting any amounts due to the corporation by the member.

(c)  All members' special accounts of an expelled or withdrawing member, with any interest accrued, shall be paid to the member, subject to sixty (60) days' notice, and after deducting any amount due to the corporation by the member.

(d)  The member, when withdrawing shares or members' special accounts, shall have no further right in the credit union or to any of its benefits, but expulsion or withdrawal shall not operate to relieve the member from any remaining liability to the corporation.

[Acts 1923, ch. 68, § 22; Shan. Supp., § 2198a29; Code 1932, § 3856; Acts 1963, ch. 30, § 7; T.C.A. (orig. ed.), § 45-1827.]