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. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004
Structure 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)
215-2003-3-7 - Part 7 Administration (490.381...490.387)
Section 490.381 - Disclosure of Confidential Information.
Section 490.382 - Fiscal Year; Accounting Principles.
Section 490.383 - Discharge of Duties by Officers; Standards; Indemnification.
Section 490.384 - Participation in Deliberation or Board Action.
Section 490.385 - Payment to Person Claiming Interest in Account; Restrictions.
Section 490.386 - Establishment and Maintenance of Reserves.
Section 490.387 - Insurance of Member Share and Deposit Accounts.