Section 490.372 – Conversion of Domestic Credit Union Into Foreign Credit Union.
490.372 Conversion of domestic credit union into foreign credit union. Sec. 372. (1) A domestic credit union may convert into a foreign credit union under this section if all of the following are met: (a) At least 30 days before voting on a plan of conversion under subdivision (b), the credit union board gives written […]
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 490.345 – 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 490.351 – 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 […]
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, […]