496B.10 - DURATION OF MEMBERSHIP.

        496B.10  DURATION OF MEMBERSHIP.         Membership in any development corporation shall be for the      duration of the respective development corporation; provided,      however, that upon written notice given to the development      corporation five years in advance a member thereof may withdraw from      membership in such corporation at the expiration date of such notice.      Provided that a financial institution may at any time withdraw from      membership without such notice in the event of its merger with      another financial institution, after commencement of proceedings for      voluntary or involuntary dissolution, receivership, or reorganization      pursuant to or by operation of federal or state law or in the event      of conversion from a state financial institution to a federal      financial institution or the reverse.  If there shall be a      legislative amendment of this chapter affecting the rights and      obligations of the members and shareholders or otherwise affecting      the articles of incorporation of such corporation which shall not      have been approved by the members and shareholders within the time      set forth and in the manner provided in this chapter, any member not      approving such amendment may immediately withdraw from membership      upon giving written notice to the corporation not later than ninety      days from the effective date of the amendment.  A member shall not be      obligated to make any loans to a development corporation pursuant to      calls made subsequent to the withdrawal of said member therefrom.  
         Section History: Early Form
         [C66, 71, 73, 75, 77, 79, 81, § 496B.10]