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 490.356 – 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 490.361 – Capital; Share Payments; Entrance Fee; Secondary Capital; Liability of Member for Acts, Debts, or Obligations of Domestic Credit Union; Placement of Lien on Member Account.
490.361 Capital; share payments; entrance fee; secondary capital; liability of member for acts, debts, or obligations of domestic credit union; placement of lien on member account. Sec. 361. (1) The capital of a domestic credit union consists of the payments that have been made to it by the members for shares. If authorized by the […]
Section 490.362 – Dividend; Declaration; Payment; Rate; Amount.
490.362 Dividend; declaration; payment; rate; amount. Sec. 362. A credit union board may declare and pay a dividend on shares from current or accumulated net earnings, or both, but only after providing for required reserves, accrued and unpaid expenses, and established loan and lease losses. A domestic credit union may pay a dividend on partial […]
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 […]