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, […]
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 490.303 – Amendment to Certificate of Organization or Bylaws.
490.303 Amendment to certificate of organization or bylaws. Sec. 303. (1) If approved by a majority of the members present at a duly constituted annual or special meeting of the members, the membership may amend the certificate of organization or bylaws of a domestic credit union or delegate authority to the credit union board, or […]
Section 490.304 – Principal Place of Business; Notice of Change in Location; Establishment and Maintenance of Branches; Service Centers; Assumed Names.
490.304 Principal place of business; notice of change in location; establishment and maintenance of branches; service centers; assumed names. Sec. 304. (1) If a domestic credit union changes the location of its principal place of business in this state, the domestic credit union must provide the director with written notice at least 7 days before […]
Section 490.305 – Books and Records; Availability; Court Order.
490.305 Books and records; availability; court order. Sec. 305. (1) A domestic credit union shall maintain its books and records at its principal place of business filed with the director under section 304 and make the books and records available for examination by the director or his or her authorized agent, except as follows: (a) […]
Section 490.306 – Conducting Business by Mail or Electronic Communication.
490.306 Conducting business by mail or electronic communication. Sec. 306. With prior written notice to the director, a domestic credit union may conduct its business solely by mail or through electronic communication without having a physical location where members may transact business with the credit union. A domestic credit union conducting business under this section […]