2012 US Code
Title 12 - Banks and Banking
Chapter 14 - FEDERAL CREDIT UNIONS (§§ 1751 - 1795k)
Subchapter I - GENERAL PROVISIONS (§§ 1752 - 1775)
Section 1764 - Expulsion and withdrawal
| Publication Title | United States Code, 2012 Edition, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 14 - FEDERAL CREDIT UNIONS SUBCHAPTER I - GENERAL PROVISIONS Sec. 1764 - Expulsion and withdrawal |
| Contains | section 1764 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | June 26, 1934, ch. 750, title I, §118, formerly §14, 48 Stat. 1221; renumbered §19, Pub. L. 86-354, §1, Sept. 22, 1959, 73 Stat. 634; renumbered title I, <!-- PDFPage:855 -->§118, Pub. L. 91-468, §1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 97-320, title V, §525, Oct. 15, 1982, 96 Stat. 1534; Pub. L. 100-86, title VII, §706, Aug. 10, 1987, 101 Stat. 653. |
| Statutes at Large References | 48 Stat. 1221 73 Stat. 634 84 Stat. 994 96 Stat. 1534 101 Stat. 653 |
| Public Law References | Public Law 86-354, Public Law 91-468, Public Law 97-320, Public Law 100-86 |
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Except as provided in subsection (b) of this section, a member may be expelled by a two-thirds vote of the members of a Federal credit union present at a special meeting called for the purpose, but only after opportunity has been given him to be heard.
(b) Expulsion based on nonparticipationThe board of directors of a Federal credit union may, by majority vote of a quorum of directors, adopt and enforce a policy with respect to expulsion from membership based on nonparticipation by a member in the affairs of the credit union. In establishing its policy, the board should consider a member's failure to vote in annual credit union elections or failure to purchase shares from, obtain a loan from, or lend to the Federal credit union. If such a policy is adopted, written notice of the policy as adopted and the effective date of such policy shall be mailed to each member of the credit union at the member's current address appearing on the records of the credit union not less than thirty days prior to the effective date of such policy. In addition, each new member shall be provided written notice of any such policy prior to or upon applying for membership.
(c) Liability to credit unionWithdrawal or expulsion of a member pursuant to either subsection (a) or (b) of this section shall not operate to relieve him from liability to the Federal credit union. The amount to be paid a withdrawing or expelled member by a Federal credit union shall be determined and paid in a manner specified in the bylaws.
(June 26, 1934, ch. 750, title I, §118, formerly §14, 48 Stat. 1221; renumbered §19, Pub. L. 86–354, §1, Sept. 22, 1959, 73 Stat. 634; renumbered title I, §118, Pub. L. 91–468, §1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 97–320, title V, §525, Oct. 15, 1982, 96 Stat. 1534; Pub. L. 100–86, title VII, §706, Aug. 10, 1987, 101 Stat. 653.)
Amendments1987—Subsec. (a). Pub. L. 100–86, §706(1), substituted “Except as provided in” for “Subject to”.
Subsec. (b). Pub. L. 100–86, §706(2), inserted “and enforce” after “adopt”.
1982—Pub. L. 97–320 designated existing provisions as subsecs. (a) and (c) and added subsec. (b).
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