Michigan Compiled Laws 215-2003-2-3 Part 3 Conservatorships (490.241...490.245)

• Section 490.241 Appointment Of Conservator; Grounds; Bond And Security; Qualifications; Payment Of Administrative Expenses.
  (1) If any of the grounds under section 232 authorizing the appointment of a receiver exist or if the commissioner considers it necessary in...
• Section 490.242 Possession Of Books, Records, And Assets; Rights Of Parties; Discharge Of Real Estate Mortgage.
  (1) Under the direction of the commissioner, a conservator appointed under this part shall take possession of the books, records, and 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.
  (1) While a domestic credit union is in conservatorship under this part, the commissioner may require the conservator to set aside and make available...
• Section 490.244 Authority Of Commissioner To Borrow Money; Conditions; Secured Loans.
  With the prior approval of the commissioner, a conservator appointed under this part may borrow money necessary or expedient to aid in the operation...
• Section 490.245 Termination Of Conservatorship; Determination By Commissioner; Resumption Of Business Transactions By Domestic Credit Union; Appointment Of Receiver; Liquidation.
  (1) If satisfied that it may be done safely and that it is in the public interest, the commissioner may terminate a conservatorship under...

Last modified: October 10, 2016