(a) Subject to the applicable provisions of the bylaws, the board may expel any member of the credit union who:
(1) Defaults on the payment of any monetary obligation to the credit union;
(2) Is convicted of a criminal offense involving dishonesty or breach of trust;
(3) Neglects or refuses to comply with the provisions of this title or of the bylaws of the credit union;
(4) Habitually neglects to pay debts or becomes insolvent or bankrupt; or
(5) Subject to the provisions of subsection (b) of this section, violates a written expulsion policy adopted by the board.
(b) (1) The board shall post conspicuously at each office of the credit union a notice of any expulsion policy adopted by the board.
(2) A person expelled by the board may request a reconsideration of the expulsion.