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Louisiana Revised Statutes Tit. 6, § 659. Expulsion and withdrawal of members

Current as of January 01, 2023 | Updated by Findlaw Staff

A. (1) At any regularly called meeting the members may, by a two-thirds vote of those present, expel any member from the corporation for cause. A member may withdraw from a credit union, as provided in this Chapter, by filing a written notice of his intention.

(2) A credit union may expel a member for cause, pursuant to a written policy adopted by its board of directors. This expulsion may occur solely by board action, without the necessity of a meeting of the members. For the purposes of this Section, “cause” includes conduct by the offending member that caused a loss to the credit union, violated the membership agreement or any policy or procedure adopted by the board of directors, or exhibited inappropriate behavior such as physical or verbal abuse of other credit union members or staff.

(3) Any person so expelled shall have the right to file a written request to the board of directors to reconsider the expulsion.

B. All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to his share to the date of expulsion or withdrawal shall be paid to the member, but only as funds for this become available and only after deducting any amount due to the corporation by the member. All deposits and shares of an expelled or withdrawing member, with any interest accrued, shall be paid the member subject to sixty days notice, and any amounts due to the corporation by the member shall be deducted. The member when withdrawing shares has no further right in the credit union or to any of its benefits, but the expulsion or withdrawal does not relieve the member from any remaining liability to the corporation.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 6, § 659. Expulsion and withdrawal of members - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-6-sect-659/

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