Missouri Revised Statutes













Chapter 370

Credit Unions

←370.082

Section 370.085.1

370.088→

August 28, 2015

Membership shares, uses--valuation--withdrawal--redemption--dividends.

370.085. 1. Membership shares may, with the approval of the director of

the division of credit unions, be utilized to fulfill required reserves,

operating deficiencies, and satisfy the contractual arrangements of share

insurers or guarantors. Notwithstanding the provisions of subsection 3 of

section 370.340, payment for such shares, upon demand, may be delayed or

withheld without notice, in whole or in part, by order of board of directors

or director of division of credit unions to ensure the safe and sound

operations of the credit union or to fulfill contractual commitments. When

the value of membership shares is impaired, the board of directors, under the

direction of the director of credit unions, shall immediately revalue

membership shares in proportion to the change of the aggregate value of such

shares. The value of membership shares so affected shall hold constant until

such subsequent time as the financial condition of the credit union causes a

revaluation of membership shares to reflect further impairments or the

recovery of prior devaluations as determined by the board of directors with

the approval of the director of the division of credit unions.



2. A member of a credit union desiring to withdraw from the credit union

or to redeem membership shares must file a written application with the

credit union, in such form and manner as the board of directors may

determine, and as the insurer or guarantor may impose as a condition of

insurance or guarantee.



3. The share balance in the member's membership share account shall be

paid to such member only as funds therefor become available and after

deducting any amounts due the credit union by the member, including any fees,

impaired balance, notes or obligations outstanding, whether mature or

unmatured, or other indebtedness or obligation of that member to the credit

union.



4. The procedures established by the board of directors of the credit

union for the redemption or withdrawal of the membership share shall not be

amended or varied without the written consent of the director of the division

of credit unions.



5. The board of directors may authorize dividends, after provision for

required reserves, to be paid on membership shares. A dividend need not be

paid on membership shares, but if such a dividend is paid, it may, at the

option of the board of directors, be added to the membership share held by

each member, and may not be subject to withdrawal until some future time to

be determined by the board of directors, or upon termination of membership.



(L. 1985 H.B. 469, A.L. 1991 H.B. 180)



Effective 3-7-91







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