SB 1028

SENATE BILL NO. 1028
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 351 (MCL 490.351).
the people of the state of michigan enact:
Sec. 351. (1) A domestic credit union
shall hold an annual meeting of the members each calendar year in the manner
indicated in the bylaws. The members shall elect the credit union board at the
annual meeting.
(2) A domestic
credit union may hold a special meeting of the members in the manner indicated
in the bylaws.
(3) At Except as otherwise
provided in subsection (4), at any meeting of the members, a member with
1 or more shares has 1 vote on any matter submitted to the members. A member
may not vote by proxy. A member who that is not a natural person may vote through an
agent with authority to vote on that member's behalf.
(4) A domestic credit union may establish in its bylaws a minimum age to
vote on a matter submitted to the members. The minimum age to vote established
by a domestic credit union under this subsection may be less than 18 years of
age but must not be more than 18 years of age.
(5) (4) The
members of a domestic credit union may remove a member of the credit union
board or a credit committee or supervisory
committee member elected by the members of the domestic credit union from
office but only at a special meeting of the members called for that purpose.