Section 490.234 – Voidable Transfer or Lien; Person Knowingly Implementing Voidable Transfer or Lien; Personal Liability; Prohibitions to Voiding Otherwise Voidable Transfer; “Preference” Defined.
490.234 Voidable transfer or lien; person knowingly implementing voidable transfer or lien; personal liability; prohibitions to voiding otherwise voidable transfer; “preference” defined. Sec. 234. (1) Except as provided in subsection (3), a transfer of or lien on the property or assets of a domestic credit union is voidable by a receiver appointed under this part […]
Section 490.235 – Disposal of Obsolete and Unnecessary Records; Maintenance Methods; Reservation, Deposit, and Use of Assets.
490.235 Disposal of obsolete and unnecessary records; maintenance methods; reservation, deposit, and use of assets. Sec. 235. (1) If approved by the court, a receiver appointed under this part may dispose of records of a domestic credit union in receivership that are obsolete and unnecessary to the continued administration of the receivership proceeding and retain […]
Section 490.241 – Appointment of Conservator; Grounds; Bond and Security; Qualifications; Payment of Administrative Expenses.
490.241 Appointment of conservator; grounds; bond and security; qualifications; payment of administrative expenses. Sec. 241. (1) If any of the grounds under section 232 authorizing the appointment of a receiver exist or if the commissioner considers it necessary in order to conserve the assets of a domestic credit union for the benefit of the members […]
Section 490.242 – Possession of Books, Records, and Assets; Rights of Parties; Discharge of Real Estate Mortgage.
490.242 Possession of books, records, and assets; rights of parties; discharge of real estate mortgage. Sec. 242. (1) Under the direction of the commissioner, a conservator appointed under this part shall take possession of the books, records, and assets of the domestic credit union and take any action necessary to conserve the assets of the […]
Section 490.243 – Withdrawal by Members and Depositors and Payment to Other Creditors; Availability of Amounts; Receipt of Shares and Deposits; Actions; Return of Control to Credit Union Board; Notice.
490.243 Withdrawal by members and depositors and payment to other creditors; availability of amounts; receipt of shares and deposits; actions; return of control to credit union board; notice. Sec. 243. (1) While a domestic credit union is in conservatorship under this part, the commissioner may require the conservator to set aside and make available for […]
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 490.215 – Administrative Hearing.
490.215 Administrative hearing. Sec. 215. (1) The commissioner shall conduct an administrative hearing under section 210 or 212 under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328. The commissioner shall close the hearing to the public unless the commissioner, after fully considering the views of the party who is the […]
Section 490.216 – Enforcement of Notice or Order; Court Jurisdiction.
490.216 Enforcement of notice or order; court jurisdiction. Sec. 216. (1) The commissioner may apply to the circuit court of the county in which the principal office of a domestic credit union is located, or to the circuit court for Ingham county, for the enforcement of any effective and outstanding notice or order issued under […]
Section 490.217 – Person Subject to Notice or Order for Violation of Law; Prohibited Conduct; Violation as Misdemeanor; Penalty.
490.217 Person subject to notice or order for violation of law; prohibited conduct; violation as misdemeanor; penalty. Sec. 217. (1) A person who is the subject of an outstanding and effective notice or final order for a violation of section 212(1), (2), or (3), section 214, or for a violation of any other law of […]
Section 490.218 – Report From Domestic Credit Union; Requirements; Notice; Failure of Domestic Credit Union to Report by Deadline; Fine.
490.218 Report from domestic credit union; requirements; notice; failure of domestic credit union to report by deadline; fine. Sec. 218. (1) The commissioner may require any report from a domestic credit union that in the commissioner’s judgment is necessary to fully inform the commissioner about the condition of the domestic credit union. The commissioner shall […]