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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) The members of the credit union shall not be personally or individually liable for the payment of its debts solely by virtue of holding membership.
(b) Any member may be expelled by a two-thirds vote of its members present at any regular meeting or a special meeting called to consider the matter, but only after an opportunity has been given the member to be heard.
(c) The credit union's board of directors may expel a member pursuant to a written policy adopted by it. All members shall be given written notice of the terms of any such policy upon becoming a member. Any person expelled by the credit union's board of directors shall have the right to request a hearing before it to reconsider the expulsion.
Cite this article: FindLaw.com - West Virginia Code Chapter 31C. Credit Unions § 31C-4-5. Liability and expulsion of members - last updated January 01, 2024 | https://codes.findlaw.com/wv/chapter-31c-credit-unions/wv-code-sect-31c-4-5/
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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