Section 490.307 – Repealed. 2005, Act 194, Imd.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490.307 Repealed. 2005, Act 194, Imd.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 Compiler’s Notes: The repealed section pertained to filing of a supicious activity report by a domestic credit union with a federal agency.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 […]
Section 490.244 – Authority of Commissioner to Borrow Money; Conditions; Secured Loans.
490.244 Authority of commissioner to borrow money; conditions; secured loans. Sec. 244. With the prior approval of the commissioner, a conservator appointed under this part may borrow money necessary or expedient to aid in the operation or reorganization of the domestic credit union and may secure the loans by the pledge of or lien, security […]
Section 490.245 – Termination of Conservatorship; Determination by Commissioner; Resumption of Business Transactions by Domestic Credit Union; Appointment of Receiver; Liquidation.
490.245 Termination of conservatorship; determination by commissioner; resumption of business transactions by domestic credit union; appointment of receiver; liquidation. Sec. 245. (1) If satisfied that it may be done safely and that it is in the public interest, the commissioner may terminate a conservatorship under this part and permit the domestic credit union to resume […]
Section 490.251 – Merger or Sale; Determination by Commissioner; Order; “Distressed Credit Union” Defined.
490.251 Merger or sale; determination by commissioner; order; “distressed credit union” defined. Sec. 251. (1) The commissioner may order the merger or sale of a domestic credit union under this section if the commissioner determines that all of the following are met: (a) The domestic credit union is in danger of insolvency, in an unsafe […]
Section 490.301 – Domestic Credit Union; Membership; Organization; Approval by Commissioner; Notice; Disapproval; Request to Reconsider; Hearing; Appeal; Retention by Commissioner of Original Certificate of Organization and Bylaws; Delivery; Form.
490.301 Domestic credit union; membership; organization; approval by commissioner; notice; disapproval; request to reconsider; hearing; appeal; retention by commissioner of original certificate of organization and bylaws; delivery; form. Sec. 301. (1) Seven individuals, a majority of whom are residents of this state and all of whom are within the proposed field of membership of the […]