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This entry was published on 2014-09-22
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SECTION 465
Withdrawal of shares after voting to liquidate; notices to shareholders
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 465. Withdrawal of shares after voting to liquidate; notices to
shareholders. After the shareholders of a credit union have duly voted
that the credit union be closed and such business wound up and
voluntarily liquidated, and prior to the entry of an order of the
supreme court declaring the business of such credit union closed, any
shareholder withdrawing any or all of his shares shall be given written
notice by the credit union at the time of such withdrawal on the
withdrawal notice, that it has been duly voted to close the corporation,
wind up its business and voluntarily liquidate, that application may be
made to the supreme court for a closing order pursuant to subdivision
four of section six hundred five of this chapter, and that by receiving
payment for the shares surrendered, he will not be entitled to any part
of the surplus which may remain upon final liquidation and which would
have been credited upon such shares had the same remained until the time
that the closing order was obtained. If the notice is not given as
aforesaid, the shareholder shall be entitled to share in the surplus, as
if he had not made the withdrawal.