Kentucky Statutes 286.6-355 – Withdrawal of assets by member
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(1) Shares, share certificates, deposits, and deposit certificates may be withdrawn for payment to the account holder or to third parties, in such manner and in accordance with such procedures as may be established by the board of directors, subject to approval by the commissioner. The board may restrict one (1) class of share so it may not be redeemed, withdrawn, or transferred except upon termination of membership in the credit union.
(2) Shares, share certificates, deposits, and deposit certificates shall be subject to any withdrawal notice requirement which may be imposed pursuant to the bylaws.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 735, effective July 15, 2010. — Created
1984 Ky. Acts ch. 408, sec. 36, effective July 13, 1984.
Formerly codified as KRS § 290.355.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.
(2) Shares, share certificates, deposits, and deposit certificates shall be subject to any withdrawal notice requirement which may be imposed pursuant to the bylaws.
Terms Used In Kentucky Statutes 286.6-355
- Commissioner: means the commissioner of financial institutions. See Kentucky Statutes 286.6-005
- Credit union: means a cooperative, nonprofit association, incorporated under this subtitle, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Kentucky Statutes 286.6-005
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 735, effective July 15, 2010. — Created
1984 Ky. Acts ch. 408, sec. 36, effective July 13, 1984.
Formerly codified as KRS § 290.355.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.