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 490.376 – 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 […]