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Current as of January 02, 2024 | Updated by Findlaw Staff
(a) At any regularly called meeting, the members, by a two-thirds ( 2/3 ) vote of those present, may expel from the corporation any member. A member may withdraw from a credit union or a nonmember may withdraw members' special accounts, as provided in this section, by filing a written notice of intention.
(b) All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to the member's shares to the date of expulsion or withdrawal shall be paid to the member, but only after funds become available and after deducting any amounts due to the corporation by the member.
(c) All members' special accounts of an expelled or withdrawing member, with any interest accrued, shall be paid to the member, subject to sixty (60) days' notice, and after deducting any amount due to the corporation by the member.
(d) The member, when withdrawing shares or members' special accounts, shall have no further right in the credit union or to any of its benefits, but expulsion or withdrawal shall not operate to relieve the member from any remaining liability to the corporation.
Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-4-302 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-4-302/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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