490.351 Annual meeting; special meeting; voting; removal of member.

175 words·~1 min read·/mi/chapter-490/490-351

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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 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 is not a natural person may vote through an agent with authority to vote on that member's behalf.

(4)The members of a domestic credit union may remove a member of the credit union board or a credit 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.

History: 2003, Act 215 , Eff. June 1, 2004