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

• Section 490.381 Disclosure Of Confidential Information.
  Except as otherwise required by law, a director, officer, member of a committee, or employee of a domestic credit union shall not disclose any...
• Section 490.382 Fiscal Year; Accounting Principles.
  (1) A domestic credit union shall use the calendar year as its fiscal year. (2) A domestic credit union shall follow generally accepted accounting...
• Section 490.383 Discharge Of Duties By Officers; Standards; Indemnification.
  (1) An official of a domestic credit union shall discharge the duties of his or her position in good faith and with that degree...
• Section 490.384 Participation In Deliberation Or Board Action.
  (1) Unless the matter involves setting dividends, loan rates, or fees for services or other general policy applicable to all members of the domestic...
• Section 490.385 Payment To Person Claiming Interest In Account; Restrictions.
  (1) A domestic credit union may refuse to make a payment from an account to a person claiming an interest in the account if...
• Section 490.386 Establishment And Maintenance Of Reserves.
  (1) A domestic credit union shall establish and maintain reserves in an amount that qualifies the domestic credit union for insurance of its accounts...
• Section 490.387 Insurance Of Member Share And Deposit Accounts.
  (1) A domestic credit union that is not a corporate credit union shall apply for and maintain insurance of member share accounts and member...

Last modified: October 10, 2016