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Expulsion and withdrawal from credit union.
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24.—(1) A member of a credit union may be expelled therefrom if not less than two-thirds of the members present at a special general meeting called for the purpose vote in favour of his expulsion, provided, however, that before any such resolution has been passed, the member concerned has been given an opportunity to be heard by the meeting.
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(2) An appeal (notice of which shall be in writing and shall set out the grounds on which it is based) to the District Court at a sitting thereof for the District Court District in which the registered office of the credit union is situate shall lie from a decision of the credit union expelling a member therefrom, and the decision of the District Court on such appeal shall be final, save that any question of law arising in such appeal may be referred to the High Court for determination and an appeal shall lie by leave of the High Court to the Supreme Court from every such determination.
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(3) A member of a credit union may withdraw from membership thereof by giving notice in accordance with the rules of the credit union.
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(4) Withdrawal or expulsion of a member from a credit union shall not operate to relieve such member from any liability, existing at such withdrawal or expulsion, to the credit union.
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(5) All moneys due, in respect of withdrawable shares and deposits, by a credit union to a member thereof who withdraws or is expelled shall, after deduction of all moneys due by him to the credit union, be paid to him; provided, however, that notwithstanding anything in its rules or in any contract, a credit union may, if it thinks fit, postpone the payment of such moneys due or part thereof until the end of the period of sixty days beginning on the date of the expulsion or withdrawal.
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(6) The nominal value of non-withdrawable shares held by an expelled member of a credit union (but not by a withdrawing member) may also be paid to him after deduction of all moneys due by him to the credit union, subject to the proviso mentioned in subsection (5).
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(7) No payment in respect of shares shall be made by a credit union to a withdrawing or expelled member while any claim due on account of deposits is unsatisfied.
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(8) No payment of any description shall be made by a credit union to a withdrawing or expelled member unless all his liabilities (including contingent liabilities) to the credit union, whether as borrower, guarantor or otherwise, have been fully discharged or otherwise fully provided for by a person other than the credit union.
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