§ 465 — Withdrawal of shares after voting to liquidate; notices to shareholders

§ 465. Withdrawal of shares after voting to liquidate; notices to\nshareholders. After the shareholders of a credit union have duly voted\nthat the credit union be closed and such business wound up and\nvoluntarily liquidated, and prior to the entry of an order of the\nsupreme court declaring the business of such credit union closed, any\nshareholder withdrawing any or all of his shares shall be given written\nnotice by the credit union at the time of such withdrawal on the\nwithdrawal notice, that it has been duly voted to close the corporation,\nwind up its business and voluntarily liquidate, that application may be\nmade to the supreme court for a closing order pursuant to subdivision\nfour of section six hundred five of this chapter, and that by receiving\npayment for the shares surrendered, he will not be entitled to any part\nof the surplus which may remain upon final liquidation and which would\nhave been credited upon such shares had the same remained until the time\nthat the closing order was obtained. If the notice is not given as\naforesaid, the shareholder shall be entitled to share in the surplus, as\nif he had not made the withdrawal.\n