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 490.404 – Business Outside of State.
490.404 Business outside of state. Sec. 404. A domestic credit union may do business outside of this state if permitted by the laws of that jurisdiction. History: 2003, Act 215, Eff. June 1, 2004
Section 490.405 – Pledging Domestic Credit Union Assets as Collateral Security; Limitations.
490.405 Pledging domestic credit union assets as collateral security; limitations. Sec. 405. (1) A domestic credit union shall not give preference to any member or depositor by pledging the assets of the domestic credit union as collateral security for purposes of accepting the funds or money of any county, city, village, township, school district, or […]
Section 490.406 – Domestic Credit Union; Powers Authorized by Credit Union Board; Acquisition of Interest in Real Property; Definitions.
490.406 Domestic credit union; powers authorized by credit union board; acquisition of interest in real property; definitions. Sec. 406. (1) If authorized by the credit union board, a domestic credit union may do any of the following: (a) Assist in providing cooperative housing and related facilities for its members. A domestic credit union shall not […]
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 490.363 – Payment to General Administrator or Executor of Deceased Out-of-State Resident.
490.363 Payment to general administrator or executor of deceased out-of-state resident. Sec. 363. (1) If a deceased individual who resided in another state or country owns a share or deposit account in a domestic credit union, the credit union may pay all or part of the balance of the account to the special or general […]