MCL - Section 490.382

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Chapter 490
Act 215 of 2003
215-2003-3
215-2003-3-7
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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