Michigan Compiled Laws
Act 215 of 2003 - Credit Union Act (490.101 - 490.601)
Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)

215-2003-3-1 - Part 1 Formation and Operation (490.301...490.307)

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. - Sec. 301. (1) Seven individuals, a majority of whom are...

Section 490.302 - Organization of Credit Union by 2 or More Credit Unions. - Sec. 302. Two or more credit unions may file an...

Section 490.303 - Amendment to Certificate of Organization or Bylaws. - Sec. 303. (1) If approved by a majority of the...

Section 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...

Section 490.305 - Books and Records; Availability; Court Order. - Sec. 305. (1) A domestic credit union shall maintain its...

Section 490.306 - Conducting Business by Mail or Electronic Communication. - Sec. 306. With prior written notice to the director, a...

Section 490.307 - Repealed. 2005, Act 194, Imd. Eff. Nov. 7, 2005. - Compiler's Notes: The repealed section pertained to filing of a...

215-2003-3-2 - Part 2 Dissolution (490.331...490.331)

Section 490.331 - Voluntary or Involuntary Dissolution. - Sec. 331. (1) A domestic credit union may voluntarily dissolve...

215-2003-3-3 - Part 3 Officer, Officials, and Directors (490.341...490.345)

Section 490.341 - Organizational Meeting; Annual Meeting; Membership; Committees; Qualifications; Notice of Meeting; Removal; Vacancy. - Sec. 341. (1) The organizers shall hold an organizational meeting...

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;... - Sec. 342. (1) At its first meeting, the credit union...

Section 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...

Section 490.344 - Audits. - Sec. 344. (1) A domestic credit union with assets of...

Section 490.345 - Supervisory Committee; Duties; Vacancies. - Sec. 345. (1) A domestic credit union may have a...

215-2003-3-4 - Part 4 Members (490.351...490.357)

Section 490.351 - Annual Meeting; Special Meeting; Voting; Removal of Member. - Sec. 351. (1) A domestic credit union shall hold an...

Section 490.352 - Domestic Credit Union; Membership; Composition; Field of Membership; Application; Approval by Commissioner; Revision; Extension. - Sec. 352. (1) The membership of a domestic credit union...

Section 490.353 - Membership; Conditions. - Sec. 353. (1) Except as provided in this part, ownership...

Section 490.354 - Acceptance of Trust as Member; Conditions. - Sec. 354. (1) A domestic credit union may accept a...

Section 490.355 - Designation as Inactive Account. - Sec. 355. A domestic credit union may allow a member...

Section 490.356 - Minor; Deposit, Investment, or Withdrawal. - Sec. 356. A domestic credit union may issue shares to...

Section 490.357 - Suspension of Services or Termination or Withdrawal of Membership. - Sec. 357. (1) The general manager or chief executive officer...

215-2003-3-5 - Part 5 Capital (490.361...490.363)

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. - Sec. 361. (1) The capital of a domestic credit union...

Section 490.362 - Dividend; Declaration; Payment; Rate; Amount. - Sec. 362. A credit union board may declare and pay...

Section 490.363 - Payment to General Administrator or Executor of Deceased Out-of-State Resident. - Sec. 363. (1) If a deceased individual who resided in...

215-2003-3-6 - Part 6 Merger, Consolidation, Conversion (490.371...490.376)

Section 490.371 - Credit Unions; Merger. - Sec. 371. (1) Two or more domestic credit unions may...

Section 490.372 - Conversion of Domestic Credit Union Into Foreign Credit Union. - Sec. 372. (1) A domestic credit union may convert into...

Section 490.373 - Conversion of Domestic Credit Union Into Mutual Savings Bank or Mutual Savings Association. - Sec. 373. (1) A domestic credit union may convert into...

Section 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...

Section 490.375 - Rights, Obligations, Relationships, and Trusts of Converting Credit Union. - Sec. 375. (1) Except as provided in subsection (2), if...

Section 490.376 - Conversion of Foreign Credit Union Into Domestic Credit Union. - Sec. 376. (1) A foreign credit union may convert to...

215-2003-3-7 - Part 7 Administration (490.381...490.387)

Section 490.381 - Disclosure of Confidential Information. - Sec. 381. Except as otherwise required by law, a director,...

Section 490.382 - Fiscal Year; Accounting Principles. - Sec. 382. (1) A domestic credit union shall use the...

Section 490.383 - Discharge of Duties by Officers; Standards; Indemnification. - Sec. 383. (1) An official of a domestic credit union...

Section 490.384 - Participation in Deliberation or Board Action. - Sec. 384. (1) Unless the matter involves setting dividends, loan...

Section 490.385 - Payment to Person Claiming Interest in Account; Restrictions. - Sec. 385. (1) A domestic credit union may refuse to...

Section 490.386 - Establishment and Maintenance of Reserves. - Sec. 386. (1) A domestic credit union shall establish and...

Section 490.387 - Insurance of Member Share and Deposit Accounts. - Sec. 387. (1) A domestic credit union that is not...