Common use of Bylaw Requirements Clause in Contracts

Bylaw Requirements. The shareholdings of a member who fails to complete payment of one share within 6 months of his/her admission to membership, or of a member who reduces his/her share balance below $5.00 and does not increase the balance to at least $5.00 within 6 months of the reduction may be terminated from membership. Shares may be transferred only from one member to another, by written instrument in such form as the Credit Union may prescribe. The Credit Union reserves the right, at any time, to require members to give, in writing, not more than 60 days’ notice of intention to withdraw the whole or any part of the amounts so paid in by them. No member may withdraw shareholdings that are pledged as required for security on loans without the written approval of a loan officer, except to the extent that such shares exceed the member’s total primary and contingent liability to the Credit Union. No member may withdraw any shareholdings below the amount of his/her primary or contingent liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom he/she is comaker, endorser, or guarantor are delinquent, without the written approval of a loan officer. The maximum amount of shares which may be held by any one member shall be established from time to time by the Credit Union Board of Directors.