Statutes > Michigan Statutes > Chapter 490 - CREDIT UNIONS > Act 215 of 2003 - CREDIT UNION ACT (490.101 - 490.601) > 215-2003-3 - 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.

Section 490.382 - Fiscal year; accounting principles.

CREDIT UNION ACT (EXCERPT)
Act 215 of 2003

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