Michigan Compiled Laws 215-2003-3-3 Part 3 Officer, Officials, And Directors (490.341...490.345)

• Section 490.341 Organizational Meeting; Annual Meeting; Membership; Director; Committee Members; Qualifications; Notice Of Meeting; Removal; Vacancy.
  (1) The organizers shall hold an organizational meeting of a domestic credit union organized under this act. The organizational meeting of the domestic credit...
• Section 490.342 Credit Union Board; Election Of Officers; General Management; Duties; Delegation To General Manager Of Domestic Credit Union; Compensation; Removal Of Director Or Committee Member With Delinquent Loan; Quorum; Action Taken Without Meeting; Oath.
  (1) At its first meeting, the credit union board shall elect from the credit union board members a chairperson, vice-chairperson, treasurer, and secretary. An...
• Section 490.343 Suspension Or Removal Of Members; Majority Of Remaining Members As Quorum; Appointment Of Temporary Members.
  If 1 or more directors of a domestic credit union board are suspended or removed under this act, a majority of the remaining members...
• Section 490.344 Audits.
  (1) A domestic credit union with assets of $5,000,000.00 or more as of the end of the last calendar year shall obtain at least...
• Section 490.345 Supervisory Committee; Duties; Appointment; Vacancies.
  (1) A domestic credit union may have a supervisory committee. If authorized by the bylaws, 1 director who is not an officer of the...

Last modified: October 10, 2016