Colorado § 11-30-119 Expulsion or withdrawal of members

Colorado Statutes

§ 11-30-119 — Expulsion or withdrawal of members

Colorado·Title 11 Financial·Art. Credit Unions - General Provisions

(1)Any member may withdraw from the credit union at any time, but notice of withdrawal may be required in the bylaws. The board of directors may expel any member from membership in the credit union if such member fails to comply with the written rules and policies of the credit union as adopted and made available to the membership.

(2)A member shall not be expelled until the member has been informed in writing of the reasons for the expulsion and has had reasonable opportunity to be heard.

(3)All amounts paid on shares or as deposits of an expelled member or withdrawing member, together with any dividends or interest accredited thereto, to the date thereof, as funds become available and after deducting all amounts due from the member to the credit union, shall be paid to suc

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(1) Any member may
withdraw from the credit union at any time, but notice of withdrawal may be
required in the bylaws. The board of directors may expel any member from
membership in the credit union if such member fails to comply with the written
rules and policies of the credit union as adopted and made available to the
membership.

(2) A member shall not be expelled until the member has been informed in
writing of the reasons for the expulsion and has had reasonable opportunity to be
heard.

(3) All amounts paid on shares or as deposits of an expelled member or
withdrawing member, together with any dividends or interest accredited thereto, to
the date thereof, as funds become available and after deducting all amounts due
from the member to the credit union, shall be paid to such member. The credit union
may require sixty days' written notice of intention to withdraw shares and thirty
days' written notice of intention to withdraw deposits. Withdrawing or expelled
members shall have no further rights in the credit union but shall not, by such
expulsion or withdrawal, be released from any remaining liability to the credit union.

(4) (Deleted by amendment, L. 2004, p. 133, � 9, effective July 1, 2004.)

Colorado § 11-30-119 (Expulsion or withdrawal of members) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 31: p. 304, � 19. CSA: C. 47, � 19. L. 41: p. 377, � 19. CRS 53: � 38-1-19. C.R.S. 1963: � 38-1-19. L. 67: p. 322, � 16. L. 81: Entire section amended, p. 613, � 4, effective July 1. L. 2001: Entire section amended, p. 200, � 1, effective September 1. L. 2004: (3) and (4) amended, p. 133, � 9, effective July 1.