Utah Code 7-9-19. Payments to expelled members — Liability of member not relieved by expulsion
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(1) Except in the case of liquidation or dissolution, the amount paid in on shares or deposited by members who have been expelled shall be paid to them with all accrued interest, in the order of expulsion.
Terms Used In Utah Code 7-9-19
- Credit union: means a cooperative, nonprofit association incorporated under:(6)(a) Chapter 9, Utah Credit Union Act; or(6)(b) Utah Code 7-1-103
- Liquidation: means the act or process of winding up the affairs of an institution subject to the jurisdiction of the department by realizing upon assets, paying liabilities, and appropriating profit or loss, as provided in Chapter 2, Possession of Depository Institution by Commissioner, and Chapter 19, Acquisition of Failing Depository Institutions or Holding Companies. See Utah Code 7-1-103
- Shares: means that portion of the capital paid into the credit union by members on which dividends may be paid. See Utah Code 7-9-3
(2) Payment shall be made only as funds become available.(3) All amounts due the credit union by the expelled member shall be deducted by the credit union before any amounts are paid to the expelled member.(4) Expulsion does not relieve a member from any liability to the credit union.