2006 Kentucky Revised Statutes - .355   Withdrawal of assets by member.

286.6-355 Withdrawal of assets by member. (1) Shares, share certificates, deposits, and deposit certificates may be withdrawn for payment to the account holder or to third parties, in such manner and in accordance with such procedures as may be established by the board of directors, subject to approval by the executive director. The board may restrict one (1) class of share so it may not be redeemed, withdrawn or transferred except upon termination of membership in the credit union. (2) Shares, share certificates, deposits, and deposit certificates shall be subject to any withdrawal notice requirement which may be imposed pursuant to the bylaws. Effective: July 13, 1984 History:Created 1984 Ky. Acts ch. 408, sec. 36, effective July 13, 1984. Formerly codified as KRS 290.355. Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.