Mich. Comp. Laws § 490.231 : CREDIT UNIONS —CREDIT UNION ACT — SUPERVISION BY COMMISSIONER — RECEIVERS — Liquidation; appointment of federal agency as receiver TEXT PDF (1) Except as provided in subsection (2), a domestic credit union shall only be liquidated as provided in this part. A receiver or other liquidating agent shall only be appointed for a domestic credit union or its assets and property under this part. (2) If a federal agency is appointed as receiver of a domestic credit union, the receivership procedures of the federal agency shall govern the receivership. MCL 490.231 Added by 2003, Act 215, s 27, eff. 6/1/2004.