Section 490.385 – Payment to Person Claiming Interest in Account; Restrictions.
490.385 Payment to person claiming interest in account; restrictions. Sec. 385. (1) A domestic credit union may refuse to make a payment from an account to a person claiming an interest in the account if the domestic credit union is uncertain under the agreement governing the account of who is entitled to receive that payment […]
Section 490.386 – Establishment and Maintenance of Reserves.
490.386 Establishment and maintenance of reserves. Sec. 386. (1) A domestic credit union shall establish and maintain reserves in an amount that qualifies the domestic credit union for insurance of its accounts under federal law and meets any requirement of the commissioner. (2) A domestic credit union shall establish allowances for loan and lease losses […]
Section 490.387 – Insurance of Member Share and Deposit Accounts.
490.387 Insurance of member share and deposit accounts. Sec. 387. (1) A domestic credit union that is not a corporate credit union shall apply for and maintain insurance of member share accounts and member deposit accounts from an agency of the federal government that provides that insurance. (2) A credit union that is denied a […]
Section 490.401 – Domestic Credit Union; Powers.
490.401 Domestic credit union; powers. Sec. 401. (1) A domestic credit union has the powers described in this section, specified or implied by this act, and specified in any other law of this state. (2) A domestic credit union has all of the following powers: (a) To enter into contracts. (b) To sue and be […]
Section 490.402 – Corporate Credit Union; Additional Powers.
490.402 Corporate credit union; additional powers. Sec. 402. (1) A corporate credit union organized under this act has all of the following powers in addition to the powers granted by this act to all domestic credit unions: (a) To accept funds, either as shares or deposits, from a domestic, foreign, or alien credit union, whether […]
Section 490.403 – Domestic Credit Union; Incidental Powers.
490.403 Domestic credit union; incidental powers. Sec. 403. A domestic credit union may exercise any incidental powers that are necessary or required to enable it to effectively carry out the business for which it is organized. History: 2003, Act 215, Eff. June 1, 2004
Section 490.371 – Credit Unions; Merger.
490.371 Credit unions; merger. Sec. 371. (1) Two or more domestic credit unions may merge into 1 of the credit unions, or into a newly formed domestic credit union, if all of the following are met: (a) The credit union board of each constituent credit union by majority vote adopts a plan of merger that […]
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 […]