Mich. Comp. Laws § 490.244

Current through Public Act 57 of the 2024 Legislative Session

Section 490.244 - Authority of commissioner to borrow money; conditions; secured loans

With the prior approval of the commissioner, a conservator appointed under this part may borrow money necessary or expedient to aid in the operation or reorganization of the domestic credit union and may secure the loans by the pledge of or lien, security interest, or mortgage on the assets of the domestic credit union.

MCL 490.244

Added by 2003, Act 215, s 35, eff. 6/1/2004.