Bylaw Requirements. A member may not withdraw shareholdings that are pledged as required security on loans without the written approval of the credit committee or a loan officer, except to the extent that such shares exceed the member’s total primary and contingent liability to the Credit Union. A member may not 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 a comaker, endorser, or guarantor are delinquent, without the written approval of the credit committee or a loan officer.
Appears in 4 contracts
Samples: Membership and Account Agreement, Membership and Account Agreement, Membership and Account Agreement
