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Section 490.307 – Repealed. 2005, Act 194, Imd. Eff. Nov. 7, 2005.
490.307 Repealed. 2005, Act 194, Imd. Eff. Nov. 7, 2005. Compiler’s Notes: The repealed section pertained to filing of a supicious activity report by a domestic credit union with a federal agency.
Section 490.331 – Voluntary or Involuntary Dissolution.
490.331 Voluntary or involuntary dissolution. Sec. 331. (1) A domestic credit union may voluntarily dissolve under subsection (2) or be involuntarily dissolved under subsection (3). (2) A domestic credit union may voluntarily dissolve if all of the following are met: (a) At least 30 days before the vote described in subdivision (b), the 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 […]
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 […]