Section 490.384 – Participation in Deliberation or Board Action.
490.384 Participation in deliberation or board action. Sec. 384. (1) Unless the matter involves setting dividends, loan rates, or fees for services or other general policy applicable to all members of the domestic credit union, a director, committee member, officer, or employee of a domestic credit union shall not in any manner, directly or indirectly, […]
Section 490.385 – Payment to Person Claiming Interest in Account; Restrictions.
490.385 Payment to person claiming interest in account; restrictions. Sec. 385. (1) A domestic credit union may refuse to make a payment from an account to a person claiming an interest in the account if the domestic credit union is uncertain under the agreement governing the account of who is entitled to receive that payment […]
Section 490.386 – Establishment and Maintenance of Reserves.
490.386 Establishment and maintenance of reserves. Sec. 386. (1) A domestic credit union shall establish and maintain reserves in an amount that qualifies the domestic credit union for insurance of its accounts under federal law and meets any requirement of the commissioner. (2) A domestic credit union shall establish allowances for loan and lease losses […]
Section 490.387 – Insurance of Member Share and Deposit Accounts.
490.387 Insurance of member share and deposit accounts. Sec. 387. (1) A domestic credit union that is not a corporate credit union shall apply for and maintain insurance of member share accounts and member deposit accounts from an agency of the federal government that provides that insurance. (2) A credit union that is denied a […]
Section 490.376 – Conversion of Foreign Credit Union Into Domestic Credit Union.
490.376 Conversion of foreign credit union into domestic credit union. Sec. 376. (1) A foreign credit union may convert to a domestic credit union if all of the following are met: (a) The foreign credit union complies with the applicable law under which it is chartered for a conversion under that law. (b) The credit […]
Section 490.381 – Disclosure of Confidential Information.
490.381 Disclosure of confidential information. Sec. 381. Except as otherwise required by law, a director, officer, member of a committee, or employee of a domestic credit union shall not disclose any confidential information related to the conduct of the business of the domestic credit union that he or she has a duty not to disclose, […]
Section 490.382 – Fiscal Year; Accounting Principles.
490.382 Fiscal year; accounting principles. Sec. 382. (1) A domestic credit union shall use the calendar year as its fiscal year. (2) A domestic credit union shall follow generally accepted accounting principles in its accounting, unless a different accounting standard is required by state or federal statute, rule, or regulation. History: 2003, Act 215, Eff. […]
Section 490.383 – Discharge of Duties by Officers; Standards; Indemnification.
490.383 Discharge of duties by officers; standards; indemnification. Sec. 383. (1) An official of a domestic credit union shall discharge the duties of his or her position in good faith and with that degree of diligence, care, and skill that an ordinarily prudent person would exercise under similar circumstances in a like position. In discharging […]
Section 490.363 – Payment to General Administrator or Executor of Deceased Out-of-State Resident.
490.363 Payment to general administrator or executor of deceased out-of-state resident. Sec. 363. (1) If a deceased individual who resided in another state or country owns a share or deposit account in a domestic credit union, the credit union may pay all or part of the balance of the account to the special or general […]
Section 490.371 – Credit Unions; Merger.
490.371 Credit unions; merger. Sec. 371. (1) Two or more domestic credit unions may merge into 1 of the credit unions, or into a newly formed domestic credit union, if all of the following are met: (a) The credit union board of each constituent credit union by majority vote adopts a plan of merger that […]