Section 490.345 – Supervisory Committee; Duties; Vacancies.
490.345 Supervisory committee; duties; vacancies. Sec. 345. (1) A domestic credit union may have a supervisory committee. If authorized by the bylaws, 1 board member who is not an officer of the domestic credit union may serve as a member of the supervisory committee. Otherwise, a board member may not serve as a member of […]
Section 490.344 – Audits.
490.344 Audits. Sec. 344. (1) A domestic credit union with assets of $5,000,000.00 or more as of the end of the last calendar year shall obtain at least an annual audit, conducted by a certified public accountant or other professionally qualified individual, who may be self-employed or employed by another person. A domestic credit union […]
Section 490.341 – Organizational Meeting; Annual Meeting; Membership; Committees; Qualifications; Notice of Meeting; Removal; Vacancy.
490.341 Organizational meeting; annual meeting; membership; committees; qualifications; notice of meeting; removal; vacancy. Sec. 341. (1) The organizers shall hold an organizational meeting of a domestic credit union organized under this act. The organizational meeting of the domestic credit union is the first annual meeting of the members required under section 351. (2) Each board […]
Section 490.342 – Credit Union Board; Election of Officers; General Management; Duties; Delegation to General Manager or Chief Executive Officer of Domestic Credit Union; Compensation; Removal of Board Member or Committee Member With Delinquent Loan; Meetings; Associate Board Members; Quorum; Action Taken Without Meeting; Consent; Oath.
490.342 Credit union board; election of officers; general management; duties; delegation to general manager or chief executive officer of domestic credit union; compensation; removal of board member or committee member with delinquent loan; meetings; associate board members; quorum; action taken without meeting; consent; oath. Sec. 342. (1) At its first meeting, the credit union board […]
Section 490.343 – Suspension or Removal of Members; Majority of Remaining Members as Quorum; Appointment of Temporary Members.
490.343 Suspension or removal of members; majority of remaining members as quorum; appointment of temporary members. Sec. 343. If 1 or more directors of a domestic credit union board are suspended or removed under this act, a majority of the remaining members of the board, including any replacement directors, constitute a quorum of the credit […]