California Financial Code

§ 14811

FIN § 14811 Effective Jan 1, 2022Div. 5 · Ch. 5

Statute text

(a)A member who has no outstanding obligations with the credit union and whose share account is below the amount established by the bylaws may be transferred to inactive member status.

(b)An inactive member has no voting rights, has no right to notice of meetings of members, shall not be considered a member for purposes of determination of a quorum or a required vote and need not be sent the annual report or financial statements except upon request.

(c)When one or more of the conditions in subdivision (a) cease to be applicable, an inactive member may be transferred back to regular member status.

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Legislative history

Amended by Stats. 2021, Ch. 762, Sec. 8. (SB 269) Effective January 1, 2022.