§ 490.371 Credit unions; merger
§ 490.372 Conversion of domestic credit union into foreign credit union
§ 490.373 Conversion of domestic credit union into mutual savings bank or mutual savings association
§ 490.374 Conversion of domestic credit union into bank, stock savings bank, or stock savings and loan association
§ 490.375 Rights, obligations, relationships, and trusts of converting credit union
§ 490.376 Conversion of foreign credit union into domestic credit union

Terms Used In Michigan Laws > Chapter 490 > Act 215 of 2003 > Article 3 > Part 6 - Merger, Consolidation, Conversion

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • 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
  • Code: means all or a part of the mobile home code promulgated under section 5. See Michigan Laws 125.2302
  • Commission: means the manufactured housing commission. See Michigan Laws 125.2302
  • Commissioner: means the director. See Michigan Laws 490.102
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • county drain commissioner: means the elected county drain commissioner or the person or persons designated to perform the duties of the elected county drain commissioner as provided in section 21 and 21a. See Michigan Laws 280.4
  • 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
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of licensing and regulatory affairs, except as follows:
  (i) Department means the department of state in all of the following circumstances:
  (A) As used in section 5(1) with respect to rules promulgated under section 5(1)(h). See Michigan Laws 125.2302
  • Director: means the director of the department. 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
  • drain: whenever used in this act , shall include the main stream or trunk and all tributaries or branches of any creek or river, any watercourse or ditch, either open or closed, any covered drain, any sanitary or any combined sanitary and storm sewer or storm sewer or conduit composed of tile, brick, concrete, or other material, any structures or mechanical devices, that will properly purify the flow of such drains, any pumping equipment necessary to assist or relieve the flow of such drains and any levee, dike, barrier, or a combination of any or all of same constructed, or proposed to be constructed, for the purpose of drainage or for the purification of the flow of such drains, but shall not include any dam and flowage rights used in connection therewith which is used for the generation of power by a public utility subject to regulation by the public service commission. See Michigan Laws 280.3
  • Eligibility record date: means a record date that is 1 year or more before the adoption of a plan of conversion by a credit union board and is set forth in a plan of conversion for determining eligible members of a converting credit union. See Michigan Laws 490.102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Foreign credit union: means a credit union organized under the laws of another state or territory of the United States or a federal credit union. See Michigan Laws 490.102
  • Fraud: Intentional deception resulting in injury to another.
  • in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
  • Insolvent: means a credit union that meets either of the following:
    •   (i) It is not able to pay its debts and other obligations, including those related to member shares, as they become due. See Michigan Laws 490.102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Local government: means a county or municipality. See Michigan Laws 125.2302
  • Mobile home: means a structure that is transportable in 1 or more sections, built on a chassis, and designed to be used as a dwelling, with or without a permanent foundation, when connected to the required utilities, and includes the plumbing, heating, air-conditioning, and electrical systems contained in the structure. See Michigan Laws 125.2302
  • Mobile home park: means a parcel or tract of land under the control of a person upon which 3 or more mobile homes are located on a continual, nonrecreational basis and which is offered to the public for that purpose regardless of whether a charge is made for the parcel or tract of land, together with any building, structure, enclosure, street, equipment, or facility used or intended for use incident to the occupancy of a mobile home. See Michigan Laws 125.2302
  • Mutual savings bank: means a savings bank that is not authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103
  • Net worth: means the sum of a credit union's undivided earnings and reserves. See Michigan Laws 490.103
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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
  • 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. See Michigan Laws 490.103
  • Person: means an individual, partnership, association, trust, or corporation, or any other legal entity or combination of legal entities. See Michigan Laws 125.2302
  • Person: means an individual, corporation, partnership, limited liability company, association, governmental entity, or any other legal entity. See Michigan Laws 490.103
  • Principal place of business: means the place where a domestic credit union keeps its principal records. See Michigan Laws 490.103
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • 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
  • Seasonal mobile home park: means a parcel or tract of land under the control of a person upon which 3 or more mobile homes are located on a continual or temporary basis but occupied on a temporary basis only, and which is offered to the public for that purpose regardless of whether a charge is made for the parcel or tract of land, together with any building, enclosure, street, equipment, or facility used or intended for use incident to the occupancy of a mobile home. See Michigan Laws 125.2302
  • 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. See Michigan Laws 490.103
  • Service of process: The service of writs or summonses to the appropriate party.
  • 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
  • Statute: A law passed by a legislature.
  • Stock savings and loan association: means a savings and loan association that is authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103
  • Stock savings bank: means a savings bank that is authorized by its articles of incorporation to issue capital stock. See Michigan Laws 490.103
  • Subpoena: A command to a witness to appear and give testimony.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o