Section 490.101 – Short Title.
490.101 Short title. Sec. 101. This act shall be known and may be cited as the “credit union act”. History: 2003, Act 215, Eff. June 1, 2004
Section 490.102 – Definitions; a to I.
490.102 Definitions; A to I. Sec. 102. As used in this act: (a) “Affiliate” means a person, other than an individual or governmental entity, to which any of the following apply: (i) A credit union directly or indirectly owns or controls a majority of the person’s voting shares or other voting ownership interests. (ii) A […]
Section 490.103 – Definitions; M to S.
490.103 Definitions; M to S. Sec. 103. As used in this act: (a) “Membership share” means a share of a domestic credit union equal in amount to the par value of the credit union’s shares that is credited to an account of a member by the credit union, is required as a condition of membership […]
Section 490.104 – “Credit Union”; Use in Name or Title; Restrictions; “Corporate” or “Corporate Central”; Use in Name.
490.104 “Credit union”; use in name or title; restrictions; “corporate” or “corporate central”; use in name. Sec. 104. (1) A person shall not use the words “credit union” in its name or any assumed names, unless it is 1 of the following: (a) A domestic credit union or a foreign credit union. (b) A credit […]
Section 490.105 – Domestic Credit Union; Exemption From Tax; Exception; Stock Transfer Tax.
490.105 Domestic credit union; exemption from tax; exception; stock transfer tax. Sec. 105. A domestic credit union is exempt from taxation by this state or a political subdivision of this state except property taxes on real property. The shares of a domestic credit union are not subject to a stock transfer tax when issued by […]