reglab/housing_qa huggingface dataset:
MI Comp L § 490.343 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-3 - Part 3 Officer, Officials, and Directors (490.341...490.345)|Section 490.343 - Suspension or Removal of Members; Majority of Remaining Members as Quorum; Appointment of Temporary Members.

490.343 Suspension or removal of members; majority of remaining members as quorum; appointment of temporary members. Sec. 343.  If 1 or more directors of a domestic credit union board are suspended or removed under this act, a majority of the remaining members of the board, including any replacement directors, constitute a quorum of the credit union board. If all of the directors of a domestic credit union are suspended or removed under this act, the commissioner shall appoint individuals to serve temporarily as directors until the suspensions or removals are terminated or until their successors are elected and take office. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.345 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-3 - Part 3 Officer, Officials, and Directors (490.341...490.345)|Section 490.345 - Supervisory Committee; Duties; Vacancies.

490.345 Supervisory committee; duties; vacancies.Sec. 345.  (1) A domestic credit union may have a supervisory committee. If authorized by the bylaws, 1 board member who is not an officer of the domestic credit union may serve as a member of the supervisory committee. Otherwise, a board member may not serve as a member of the supervisory committee.  (2) If a domestic credit union has a supervisory committee, the supervisory committee may do any of the following:  (a) By majority vote, call a special meeting of the members to consider any matter submitted to the special meeting of the members by the committee.  (b) By a unanimous vote, suspend any member of the credit committee and report the suspension and the reason for the suspension to the credit union board. At its next meeting, the credit union board shall vote on whether to remove or reinstate the suspended credit committee member. A 2/3 vote of the credit union board is required to remove the suspended credit committee member.  (c) By a unanimous vote, suspend a member of the credit union board for cause.  (d) Access any credit union records.  (3) If a domestic credit union has a supervisory committee and the members elect the supervisory committee, the committee shall fill vacancies on the supervisory committee. If a domestic credit union has a supervisory committee and the credit union board appoints the supervisory committee, the credit union board shall fill vacancies on the supervisory committee. An individual appointed to fill a vacancy on the supervisory committee under this subsection shall serve for the remainder of the term of the vacant position. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
MI Comp L § 490.351 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-4 - Part 4 Members (490.351...490.357)|Section 490.351 - Annual Meeting; Special Meeting; Voting; Removal of Member.

490.351 Annual meeting; special meeting; voting; removal of member. Sec. 351.  (1) A domestic credit union shall hold an annual meeting of the members each calendar year in the manner indicated in the bylaws. The members shall elect the credit union board at the annual meeting.  (2) A domestic credit union may hold a special meeting of the members in the manner indicated in the bylaws.  (3) At any meeting of the members, a member with 1 or more shares has 1 vote on any matter submitted to the members. A member may not vote by proxy. A member who is not a natural person may vote through an agent with authority to vote on that member's behalf.  (4) The members of a domestic credit union may remove a member of the credit union board or a credit or supervisory committee member elected by the members of the domestic credit union from office but only at a special meeting of the members called for that purpose. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.353 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-4 - Part 4 Members (490.351...490.357)|Section 490.353 - Membership; Conditions.

490.353 Membership; conditions.Sec. 353.  (1) Except as provided in this part, ownership of a share is a condition of membership in a domestic credit union. A domestic credit union may require ownership of a membership share rather than a share as a condition of membership. Except as provided in this section, a member may own only 1 membership share.  (2) A domestic credit union may accept and maintain deposits under section 401(2)(x) without the depositor subscribing to or paying for a share in the domestic credit union.  (3) If it is composed for the most part of the same general group as the membership of the domestic credit union, a domestic credit union may accept a legal entity as a member of a domestic credit union.  (4) If the domestic credit union elects, a single account jointly owned by 2 or more individuals may serve as the basis for membership of any of those individual owners who are otherwise eligible for membership if the account contains at least 1 share for each of them.  (5) If an individual was a member of the domestic credit union at the time of his or her death, a domestic credit union may accept the estate of the individual as a member. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
MI Comp L § 490.354 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-4 - Part 4 Members (490.351...490.357)|Section 490.354 - Acceptance of Trust as Member; Conditions.

490.354 Acceptance of trust as member; conditions. Sec. 354.  (1) A domestic credit union may accept a trust as a member if any of the settlors living at the time of application are eligible for membership, or if none of the settlors are living at the time of application and 1 or more beneficiaries are eligible for membership.  (2) An account owned by 1 or more individuals may be titled or retitled in the name of a trust and not in the name of the individuals if all of the following are met:  (a) The trust is eligible for membership in the domestic credit union under subsection (1).  (b) Each owner consents in writing to titling or retitling the account in the name of the trust.  (c) Any beneficiaries listed on the account are removed as beneficiaries by the owners.  (d) The account is not an account that provides tax deferrals or any other tax benefit under state or federal law.  (3) If an account is retitled in the name of a trust under subsection (2), the membership of any individual or individuals who had owned all or an interest in the account is terminated unless he or she is a member based on ownership of another account, or he or she qualifies for, applies for, and is accepted into membership. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.355 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-4 - Part 4 Members (490.351...490.357)|Section 490.355 - Designation as Inactive Account.

490.355 Designation as inactive account.Sec. 355.  A domestic credit union may allow a member to designate an account on which his or her membership is based as inactive. If the account is the basis for the membership of more than 1 individual, each individual must agree to the designation. While an account is inactive, the member involved shall retain his or her membership but is not entitled to any of the privileges of membership. While an account is inactive, the domestic credit union shall not charge any fees to the account. The member who designated an account as inactive may remove the designation of inactive at any time. If the inactive designation is not removed within 3 years, the domestic credit union shall deliver all money or other property in the account to the department of treasury under the uniform unclaimed property act, 1995 PA 29, MCL 567.221 to 567.265, and terminate any membership based on the account. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
MI Comp L § 490.356 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-4 - Part 4 Members (490.351...490.357)|Section 490.356 - Minor; Deposit, Investment, or Withdrawal.

490.356 Minor; deposit, investment, or withdrawal. Sec. 356.  A domestic credit union may issue shares to and receive deposits from a minor. The minor may withdraw the deposits or shares and any dividends or interest on the deposits or shares. A deposit, investment in a share, or withdrawal under this section by a minor is valid and enforceable and the minor is considered an adult with respect to that deposit, investment, or withdrawal. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.357 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-4 - Part 4 Members (490.351...490.357)|Section 490.357 - Suspension of Services or Termination or Withdrawal of Membership.

490.357 Suspension of services or termination or withdrawal of membership.Sec. 357.  (1) The general manager or chief executive officer of a domestic credit union, or his or her designee, may suspend some or all services to a member, or terminate the membership of any person, that does any of the following:  (a) Causes a loss to the domestic credit union.  (b) Commits fraud or another misdeed against the domestic credit union or against a person on the premises of the domestic credit union.  (c) Engages in inappropriate behavior involving another individual, such as physical or verbal abuse of another member or an employee of the credit union.  (2) A member that has its services suspended or a person that has its membership terminated under subsection (1) may appeal the suspension or termination to the credit union board within 90 days after the date of the suspension or termination. The credit union board has final authority to resolve an appeal under this subsection.  (3) A member may withdraw from a domestic credit union at any time, but the domestic credit union may require a notice of withdrawal from the withdrawing member as a condition of withdrawal.  (4) When money becomes available, and after deducting all amounts owed to the domestic credit union by the member, a domestic credit union shall pay a person whose membership is terminated or that is a withdrawing member any amounts paid on shares or as deposits of the member and any dividends or interest accrued on the shares or deposits before the date of payment.  (5) Unless the withdrawal of a member occurs on a maturity date or within 7 days after a maturity date, a domestic credit union may require that a withdrawing member give a 60-day notice of intention to withdraw shares or a 30-day notice of intention to withdraw deposits. A domestic credit union that requires a notice of intention to withdraw may wait until the expiration of the applicable notice period before complying with subsection (4). A domestic credit union may waive an applicable notice period for a specific member or account in writing.  (6) After a termination or withdrawal under this section, a former member has no rights in a domestic credit union, but the termination or withdrawal does not release the former member from any remaining liability to the domestic credit union. History: 2003, Act 215, Eff. June 1, 2004 ;-- Am. 2004, Act 471, Imd. Eff. Dec. 28, 2004 ;-- Am. 2016, Act 152, Eff. Sept. 7, 2016
MI Comp L § 490.361 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-5 - 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.

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. Sec. 361.  (1) The capital of a domestic credit union consists of the payments that have been made to it by the members for shares. If authorized by the bylaws, a domestic credit union may charge an entrance fee.  (2) If at any time after the effective date of this act a federal credit union is authorized by the federal regulatory authority with jurisdiction and by federal law to utilize 1 or more forms of secondary capital other than capital stock, the commissioner may by rule, order, or declaratory ruling allow a domestic credit union to utilize 1 or more forms of secondary capital other than capital stock. The rule, order, or declaratory ruling must include disclosure requirements concerning the conditions for return of the secondary capital and its liquidation priority.  (3) Unless otherwise provided by law or by agreement between the member and the domestic credit union, a member of a domestic credit union is not liable for the acts, debts, or obligations of the domestic credit union.  (4) Except as provided in this subsection or where prohibited by applicable state or federal law or otherwise agreed by contract, a domestic credit union has a lien on any share of a member, or any deposit account from which a member may withdraw for his or her own benefit without the consent of another person, for any obligation owed to the domestic credit union by that member or for any loan cosigned or guaranteed by that member. A domestic credit union does not have a lien on any individual retirement account or other account permitting tax deferrals or providing other tax benefits under state or federal law. A domestic credit union may refuse to allow a withdrawal from any account on which it has a lien if the member is delinquent in any outstanding obligation to the domestic credit union at the time of the withdrawal. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.362 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-5 - Part 5 Capital (490.361...490.363)|Section 490.362 - Dividend; Declaration; Payment; Rate; Amount.

490.362 Dividend; declaration; payment; rate; amount. Sec. 362.  A credit union board may declare and pay a dividend on shares from current or accumulated net earnings, or both, but only after providing for required reserves, accrued and unpaid expenses, and established loan and lease losses. A domestic credit union may pay a dividend on partial or full shares and may pay the dividend at differing levels and at differing intervals based on the type of share accounts owned by a member, the liquidation priority of the share accounts, and the balances of the member's share accounts. A domestic credit union may determine the rate and amount of a dividend before the end of the dividend period involved. A domestic credit union shall not pay a dividend if payment would result in the insolvency of the domestic credit union. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.363 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-5 - Part 5 Capital (490.361...490.363)|Section 490.363 - Payment to General Administrator or Executor of Deceased Out-of-State Resident.

490.363 Payment to general administrator or executor of deceased out-of-state resident. Sec. 363.  (1) If a deceased individual who resided in another state or country owns a share or deposit account in a domestic credit union, the credit union may pay all or part of the balance of the account to the special or general administrator or executor appointed in the state or country where the account holder resided at the time of death if the administrator or executor provides both of the following to the credit union:  (a) Authenticated copies of the letter or order of appointment authorizing him or her to collect, receive, and remove assets of the estate of the decedent.  (b) An affidavit by the administrator or executor that he or she is the representative of the estate of the decedent, that no proceeding is pending in any state with respect to the question of domicile of the decedent, and that to his or her knowledge and belief no letters or orders of appointment are outstanding in this state, no proceeding is pending in this state for the appointment of a fiduciary for the estate in this state, and there are no creditors of the estate in this state.  (2) A credit union that makes a payment to an administrator or executor under this section after receiving the affidavit and authenticated copies described in subsection (1) is released and discharged from liability to the same extent as if the credit union made the payment to a legally qualified resident executor or administrator. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.375 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|Act 215 of 2003 - Credit Union Act (490.101 - 490.601)|Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)|215-2003-3-6 - Part 6 Merger, Consolidation, Conversion (490.371...490.376)|Section 490.375 - Rights, Obligations, Relationships, and Trusts of Converting Credit Union.

490.375 Rights, obligations, relationships, and trusts of converting credit union. Sec. 375.  (1) Except as provided in subsection (2), if a conversion becomes effective under section 372, 373, or 374, the converted entity is a continuation of the converting credit union and all the property and interests in property and every cause of action, right, privilege, interest, and asset of the converting credit union is immediately and without any conveyance, transfer, or other action vested in the converted organization. Every right, obligation, and relationship of the converting credit union to or in respect to any person, estate, creditor, member, depositor, trust, trustee, collective bargaining agreement, or beneficiary of any trust or fiduciary function continue unimpaired. The converted organization shall continue to hold all the rights, obligations, relationships, and trusts, and the duties and liabilities connected with them, and shall execute and perform each and every trust and relationship in the same manner as if the credit union had not converted. The conversion does not release the converted organization from its obligations to pay and discharge all the liabilities created by law or incurred by the converting credit union before the conversion, or any tax imposed by the laws of this state up to the day of the conversion in proportion to the time that has elapsed since the last preceding tax payment, or any assessment, penalty, or forfeiture imposed or incurred under the laws of this state before the date of the conversion.  (2) Within 1 year after the conversion, the commissioner may for good cause require a converting credit union to divest itself of an asset that does not conform to the legal requirements relative to assets acquired and held by the converted organization.  (3) If a converting credit union was appointed in a fiduciary capacity by a court or governmental tribunal, agency, or officer, the converted organization shall file an affidavit with the appointing authority setting forth the fact of conversion, the name and address of the converted organization, and the amount of its capital and surplus. A converted organization acting as a fiduciary by appointment of a court is subject to removal by a court of competent jurisdiction. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.381 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|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.

490.381 Disclosure of confidential information. Sec. 381.  Except as otherwise required by law, a director, officer, member of a committee, or employee of a domestic credit union shall not disclose any confidential information related to the conduct of the business of the domestic credit union that he or she has a duty not to disclose, including, but not limited to, personnel matters, matters involving actual or potential litigation or real estate transactions, or other matters related to strategic business endeavors of the domestic credit union, and shall not disclose any information concerning transactions between the domestic credit union and either its members or other persons. This subsection does not apply to any disclosure necessary to the conduct of the business of the domestic credit union. History: 2003, Act 215, Eff. June 1, 2004
MI Comp L § 490.382 (2021)
2021 Michigan Compiled Laws|Chapter 490 - Credit Unions|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 490.382 - Fiscal Year; Accounting Principles.

490.382 Fiscal year; accounting principles.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