SB 1027

SENATE BILL NO. 1027
A bill to amend 2003 PA 215, entitled
"Credit union act,"
by amending section 303 (MCL 490.303), as amended by
2016 PA 153.
the people of the state of michigan enact:
Sec. 303. (1) If approved by a majority of the members
present at a duly constituted annual or special meeting of the members, the
membership may amend the certificate of organization or bylaws of a domestic
credit union or delegate authority to the credit union board, or rescind the
authority of the credit union board, to amend the certificate of organization
or bylaws.
(2) Any proposed
action to amend the certificate of organization or the bylaws or to delegate
authority to amend the certificate of organization or bylaws to the credit
union board under subsection (1) shall must be stated in a notice of the meeting.
(3) An amendment to
the certificate of organization or bylaws of a domestic credit union is not
effective unless it the amendment is submitted to the director for review
and approved by the director. This subsection does not
apply to an amendment to the bylaws of a domestic credit union if the amendment
makes only changes that are logistical in nature.