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MICHIGAN STATUTES AND CODES
Section 490.235 - Disposal of obsolete and unnecessary records; maintenance methods; reservation, deposit, and use of assets.
Act 215 of 2003
490.235 Disposal of obsolete and unnecessary records; maintenance methods; reservation, deposit, and use of assets.
Sec. 235.
(1) If approved by the court, a receiver appointed under this part may dispose of records of a domestic credit union in receivership that are obsolete and unnecessary to the continued administration of the receivership proceeding and retain the remaining records of the domestic credit union and the receivership for a period of time as ordered by the court.
(2) A receiver appointed under this part may devise a method for the effective, efficient, and economical maintenance of the records of the domestic credit union and of the receiver's office, including maintaining those records on any medium approved by the court.
(3) A receiver appointed under this part may reserve assets of a liquidated domestic credit union, deposit them in an account, and use them to maintain the records of a liquidated domestic credit union after the closing of the receivership proceeding.
History: 2003, Act 215, Eff. June 1, 2004