(1) At any regularly called meeting, the members, by a two-thirds (2/3) vote of those present, may expel any member for cause and after hearing. A member may withdraw from a credit union by filing a written notice of such intention.
(2) All amounts paid in on shares of an expelled or withdrawing member, with any dividends credited to his shares to the date of expulsion or withdrawal, shall be paid to such member in the order of expulsion or withdrawal and only as funds therefor become available, after deducting any amounts due to the corporation by such member. Such member, when withdrawing shares or deposits, shall have no further right in the credit union or to any of its benefits but such expulsion or withdrawal shall not operate to relieve him from any remaining liability to the corporation.

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Terms Used In Kentucky Statutes 286.6-450

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
  • 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
  • Statute: A law passed by a legislature.

Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 883g-24.
Formerly codified as KRS § 290.270 and KRS § 290.450.
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.