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Amendment of section 19 of Principal Act (expulsion and withdrawal from credit union)
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10. Section 19 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “by a resolution for the member’s expulsion” for “by a resolution for his expulsion”, and
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(b) by the substitution of the following subsection for subsection (6):
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“(6) Subject to subsections (7) and (8), all moneys due in respect of withdrawable shares and deposits by a credit union to a member who withdraws or is expelled from the credit union shall be paid to the member after deduction of all moneys due from the member to the credit union; and the nominal value of non-withdrawable shares held by a member who is expelled (but not one who withdraws) may also be paid to the member (after deduction of all moneys so due).”.
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