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 490.373 – Conversion of Domestic Credit Union Into Mutual Savings Bank or Mutual Savings Association.
490.373 Conversion of domestic credit union into mutual savings bank or mutual savings association. Sec. 373. (1) A domestic credit union may convert into a mutual savings bank or mutual savings association if all of the following are met: (a) At least 30 days before voting on a plan of conversion under subdivision (b), the […]
Section 490.374 – Conversion of Domestic Credit Union Into Bank, Stock Savings Bank, or Stock Savings and Loan Association.
490.374 Conversion of domestic credit union into bank, stock savings bank, or stock savings and loan association. Sec. 374. (1) A domestic credit union may convert into a bank, stock savings bank, or stock savings and loan association if all of the following are met: (a) At least 30 days before voting on a plan […]
Section 490.375 – Rights, Obligations, Relationships, and Trusts of Converting Credit Union.
490.375 Rights, obligations, relationships, and trusts of converting credit union. Sec. 375. (1) Except as provided in subsection (2), if a conversion becomes effective under section 372, 373, or 374, the converted entity is a continuation of the converting credit union and all the property and interests in property and every cause of action, right, […]
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. […]