Michigan Compiled Laws 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.
  (1) The capital of a domestic credit union consists of the payments that have been made to it by the members for shares. If...
• Section 490.362 Dividend; Declaration; Payment; Rate; Amount.
  A credit union board may declare and pay a dividend on shares from current or accumulated net earnings, or both, but only after providing...
• Section 490.363 Payment To General Administrator Or Executor Of Deceased Out-of-state Resident.
  (1) If a deceased individual who resided in another state or country owns a share or deposit account in a domestic credit union, the...

Last modified: October 10, 2016