California Financial Code

§ 14808

FIN § 14808Div. 5 · Ch. 5

Statute text

All amounts paid on shares or on certificates for funds of an expelled or withdrawn member, with any dividends or interest credited thereto to the date of withdrawal or expulsion, shall be paid to such members as funds become available, and after deducting all amounts due from the member to the credit union. Withdrawing or expelled members have no further rights in the credit union, but are not by expulsion or withdrawal released from any liability to the credit union or its creditors.

Legislative history

Amended by Stats. 1983, Ch. 89, Sec. 7.