Indiana Code 23-6-4-14. Duration of membership; withdrawal of membership
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Terms Used In Indiana Code 23-6-4-14
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- credit corporation: means a corporation to which the secretary of state has issued a certificate of election under section 8 of this chapter. See Indiana Code 23-6-4-1
- member: means a lending institution authorized to do business in Indiana that enters into a lending agreement with, and undertakes to make member loans to, a credit corporation organized or operated under this chapter. See Indiana Code 23-6-4-5
Sec. 14. The board of directors of a credit corporation shall determine the duration of membership in the credit corporation. However, upon written notice given to the credit corporation ninety (90) days in advance, a member may withdraw from membership in the credit corporation. After notice of the intended withdrawal of a member has been received by the credit corporation, the member is not obligated to make any further loans to the credit corporation.
As added by P.L.236-1985, SEC.1.