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JJB S06248'26_SB1028_INTR_1 qyzh8b
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 1
meeting of the members each calendar year in the manner indicated 2
in the bylaws. The members shall elect the credit union board at 3
the annual meeting. 4
(2) A domestic credit union may hold a special meeting of the 5
members in the manner indicated in the bylaws. 6
June 10, 2026, Introduced by Senators WOJNO, KLINEFELT, BELLINO, CAVANAGH,
CHANG and JOHNSON and referred to Committee on Finance, Insurance, and Consumer
Protection.
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JJB S06248'26_SB1028_INTR_1 qyzh8b
(3) At Except as otherwise provided in subsection (4), at any 1
meeting of the members, a member with 1 or more shares has 1 vote 2
on any matter submitted to the members. A member may not vote by 3
proxy. A member who that is not a natural person may vote through 4
an agent with authority to vote on that member's behalf. 5
(4) A domestic credit union may establish in its bylaws a 6
minimum age to vote on a matter submitted to the members. The 7
minimum age to vote established by a domestic credit union under 8
this subsection may be less than 18 years of age but must not be 9
more than 18 years of age. 10
(5) (4) The members of a domestic credit union may remove a 11
member of the credit union board or a credit committee or 12
supervisory committee member elected by the members of the domestic 13
credit union from office but only at a special meeting of the 14
members called for that purpose. 15