Maine § 9-B §847 Expulsion of members

Maine Statutes

§ 9-B §847 — Expulsion of members

Maine·Title 9-B FINANCIAL INSTITUTIONS·Part 8 CREDIT UNIONS·Ch. 84 MANAGEMENT AND OPERATIONS

1.Grounds for expulsion. A manager or chief executive officer of a credit union may expel from the credit union any member who:

2.Return of paid-in shares. The amounts paid in on shares by members who have withdrawn or have been expelled shall be paid to them in the order of withdrawal or expulsion, but only as funds therefor become available and after deducting any amounts due from such members to the credit union.

3.Liability unaffected by expulsion. Such expulsion shall not operate to relieve a member from any outstanding liability to the credit union.

4.Expulsion policy; appealing an expulsion. The manager or chief executive officer of a credit union shall inform an expelled member of the grounds for the expulsion, and the expelled member may appeal the expulsion to the board of di

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1.
Grounds for expulsion.
A manager or chief executive officer of a credit union may expel from the credit union any member who:
2.
Return of paid-in shares.
The amounts paid in on shares by members who have withdrawn or have been expelled shall be paid to them in the order of withdrawal or expulsion, but only as funds therefor become available and after deducting any amounts due from such members to the credit union.
3.
Liability unaffected by expulsion.
Such expulsion shall not operate to relieve a member from any outstanding liability to the credit union.
4.
Expulsion policy; appealing an expulsion.
The manager or chief executive officer of a credit union shall inform an expelled member of the grounds for the expulsion, and the expelled member may appeal the expulsion to the board of directors. A decision by the board regarding an expulsion is final. By January 1, 2025, the board of directors of a credit union shall establish a written expulsion policy and expulsion appeals process that clearly informs members of a member's right to appeal an expulsion decision. The credit union shall annually provide the expulsion policy and expulsion appeals process to members of the credit union.

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