6-524. Termination of membership
257 words·~1 min read·
/az/title-6/6-524A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. A member may withdraw from a credit union at any time on giving notice of withdrawal as required in the bylaws. The credit union may require up to sixty days' notice of the intention to withdraw shares or deposits, but the notice does not entitle the member to any preferred or prior claim in the event of liquidation.
B. A member may be expelled by a two-thirds vote of the members present at any regular meeting or a special meeting of the membership, but only after the member has had an opportunity to be heard at the meeting, or the board of directors or the management, if the board delegated such authority, may expel a member pursuant to a written policy adopted by the board. The board shall give all members written notice of the terms of any such policy. A person who has been expelled must be informed of the reasons for the expulsion and may seek reconsideration by submitting a written request for reconsideration to the board within thirty days after the notice of expulsion is issued.
C. As monies become available and after deducting all amounts due from the member to the credit union, the credit union shall pay to the withdrawing or expelled member the amounts paid on shares and deposits by the withdrawing or expelled member, with any dividends or earnings accredited. Withdrawing or expelled members have no further rights in the credit union but are not released, by the withdrawal or expulsion, from any remaining liability to the credit union.