Washington Code 31.12.388 – Expulsion of member — Challenge — Share and deposit accounts
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(1) Members expelled from the credit union will be notified of the expulsion and the reasons upon which it is based. The credit union will, upon request of the expelled member, allow the member to challenge the expulsion and seek reinstatement as a member.
Terms Used In Washington Code 31.12.388
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: means an organization or a natural person including, but not limited to, a sole proprietorship. See Washington Code 31.12.005
(2) The amounts in an expelled member’s share and deposit accounts must be promptly paid to the person following expulsion, and after deducting amounts due from the member(s) to the credit union, including, but not limited to, any applicable penalties for early withdrawal. Expulsion will not operate to relieve the person from outstanding liabilities owed to the credit union.
[ 1997 c 397 § 29; 1984 c 31 § 31. Formerly RCW 31.12.295.]