Michigan Laws 490.103 – Definitions; M to S
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Terms Used In Michigan Laws 490.103
- Bank: means a bank that is organized under the laws of this state, any other state, the District of Columbia, or a territory or protectorate of the United States, or a national banking association chartered by the federal government under the national bank act, 12 USC 21 to 216d, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.102
- Branch: means , except as otherwise provided in this subdivision, an office or other place of business at which a credit union receives deposits, pays checks, or lends money. See Michigan Laws 490.102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit union: means a domestic or foreign credit union. See Michigan Laws 490.102
- Credit union board: means a board of directors, board of trustees, or other governing body of a credit union. See Michigan Laws 490.102
- Department: means the department of insurance and financial services. See Michigan Laws 490.102
- Domestic credit union: means a cooperative, nonprofit entity organized under this act for the purposes of encouraging thrift among its members, providing a variety of financial services to its members, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. See Michigan Laws 490.102
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Officer: means the chairperson of the board, the vice-chairperson of the board, the secretary, the treasurer, the general manager, an individual whose title is "president" an assistant treasurer, or an assistant secretary of a credit union, or any other individual who is specifically designated as an officer of a credit union by the credit union board. See Michigan Laws 490.103
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Principal place of business: means the place where a domestic credit union keeps its principal records. See Michigan Laws 490.103
- Savings and loan association: means a savings association that is organized under the laws of this state, a savings and loan association, building and loan association, or homestead association that is organized under the laws of any other state, the District of Columbia, or a territory or protectorate of the United States, or a federal savings association organized under the home owners' loan act, 12 USC 1461 to 1470, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103
- Savings bank: means a savings bank that is organized under the laws of this state, any other state, the District of Columbia, a territory or protectorate of the United States, or of the United States, and whose deposits are insured by an agency of the federal government. See Michigan Laws 490.103
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
As used in this act:
(a) “Membership share” means a share of a domestic credit union equal in amount to the par value of the credit union’s shares that is credited to an account of a member by the credit union, is required as a condition of membership in the credit union, and is subject to any withdrawal restriction or other standards established by the domestic credit union for membership shares.
(b) “Mutual savings and loan association” means a savings and loan association that is not authorized by its articles of incorporation to issue capital stock.
(c) “Mutual savings bank” means a savings bank that is not authorized by its articles of incorporation to issue capital stock.
(d) “Net worth” means the sum of a credit union’s undivided earnings and reserves. The term does not include allowances for loan and lease losses accounts.
(e) “Office of financial and insurance services” means the department.
(f) “Officer” means the chairperson of the board, the vice-chairperson of the board, the secretary, the treasurer, the general manager, an individual whose title is “president”, an assistant treasurer, or an assistant secretary of a credit union, or any other individual who is specifically designated as an officer of a credit union by the credit union board.
(g) “Official” means a member of a credit union board or an officer, member of a credit committee or supervisory committee, or member of any other committee performing functions similar to a credit committee or supervisory committee, of a credit union.
(h) “Person” means an individual, corporation, partnership, limited liability company, association, governmental entity, or any other legal entity.
(i) “Principal place of business” means the place where a domestic credit union keeps its principal records.
(j) “Savings and loan association” means a savings association that is organized under the laws of this state, a savings and loan association, building and loan association, or homestead association that is organized under the laws of any other state, the District of Columbia, or a territory or protectorate of the United States, or a federal savings association organized under the home owners’ loan act, 12 USC 1461 to 1470, and whose deposits are insured by an agency of the federal government.
(k) “Savings bank” means a savings bank that is organized under the laws of this state, any other state, the District of Columbia, a territory or protectorate of the United States, or of the United States, and whose deposits are insured by an agency of the federal government.
(l) “Senior management employee” means any individual who is designated as a senior policy-making employee of a credit union by the board of the credit union.
(m) “Service center” means a place of business of a credit union, other than the principal place of business or a branch, where the credit union may transact business authorized by the credit union board.
(n) “Stock savings and loan association” means a savings and loan association that is authorized by its articles of incorporation to issue capital stock.
(o) “Stock savings bank” means a savings bank that is authorized by its articles of incorporation to issue capital stock.