Section 490.352 – Domestic Credit Union; Membership; Composition; Field of Membership; Application; Approval by Commissioner; Revision; Extension.
490.352 Domestic credit union; membership; composition; field of membership; application; approval by commissioner; revision; extension. Sec. 352. (1) The membership of a domestic credit union is comprised of each person that organized the domestic credit union, and each person that meets all of the following: (a) The person belongs to a group of persons that […]
Section 490.353 – Membership; Conditions.
490.353 Membership; conditions. Sec. 353. (1) Except as provided in this part, ownership of a share is a condition of membership in a domestic credit union. A domestic credit union may require ownership of a membership share rather than a share as a condition of membership. Except as provided in this section, a member may […]
Section 490.354 – Acceptance of Trust as Member; Conditions.
490.354 Acceptance of trust as member; conditions. Sec. 354. (1) A domestic credit union may accept a trust as a member if any of the settlors living at the time of application are eligible for membership, or if none of the settlors are living at the time of application and 1 or more beneficiaries are […]
Section 490.355 – Designation as Inactive Account.
490.355 Designation as inactive account. Sec. 355. A domestic credit union may allow a member to designate an account on which his or her membership is based as inactive. If the account is the basis for the membership of more than 1 individual, each individual must agree to the designation. While an account is inactive, […]
Section 490.356 – Minor; Deposit, Investment, or Withdrawal.
490.356 Minor; deposit, investment, or withdrawal. Sec. 356. A domestic credit union may issue shares to and receive deposits from a minor. The minor may withdraw the deposits or shares and any dividends or interest on the deposits or shares. A deposit, investment in a share, or withdrawal under this section by a minor is […]
Section 490.357 – Suspension of Services or Termination or Withdrawal of Membership.
490.357 Suspension of services or termination or withdrawal of membership. Sec. 357. (1) The general manager or chief executive officer of a domestic credit union, or his or her designee, may suspend some or all services to a member, or terminate the membership of any person, that does any of the following: (a) Causes a […]
Section 490.351 – Annual Meeting; Special Meeting; Voting; Removal of Member.
490.351 Annual meeting; special meeting; voting; removal of member. Sec. 351. (1) A domestic credit union shall hold an annual meeting of the members each calendar year in the manner indicated in the bylaws. The members shall elect the credit union board at the annual meeting. (2) A domestic credit union may hold a special […]