This bill amends the Credit Union Act of 2003 by updating Section 351, which outlines the governance and voting procedures for domestic credit unions. It mandates that domestic credit unions hold an annual meeting for members to elect the credit union board, and allows for special meetings as specified in the bylaws. The bill clarifies voting rights, stating that each member with shares has one vote on matters presented, and prohibits proxy voting, although it allows non-natural persons to vote through an authorized agent.

Additionally, the bill introduces a provision that permits credit unions to establish a minimum voting age in their bylaws, which can be less than 18 years but not exceed that age. It also modifies the process for removing board or committee members, specifying that such actions can only occur during a special meeting called for that purpose. The changes aim to enhance the governance structure and voting rights within credit unions in Michigan.

Statutes affected:
Senate Introduced Bill: 490.351