CU Division of Michigan FIB authorizes bylaw options for SCCUs
LANSING. Mich. - The credit union division of the Michigan Financial Institutions Bureau has authorized two new bylaw options for state-chartered credit unions. The first allows setting a minimum age for a member to be eligible to run for an elected office. To set the minimum age, the credit union will be required to adopt a new set of "Definitions" used in the bylaws, adopt Article 4, Option 1 concerning "Meetings of Members," and adopt a new Article 5 (Option 3) pertaining to among other things, setting the minimum age for running for elections.