Sec. 356.
A domestic credit union may issue shares to and receive deposits from a minor. The minor may withdraw the deposits or shares and any dividends or interest on the deposits or shares. A deposit, investment in a share, or withdrawal under this section by a minor is valid and enforceable and the minor is considered an adult with respect to that deposit, investment, or withdrawal.
History: 2003, Act 215, Eff. June 1, 2004
Structure Michigan Compiled Laws
Act 215 of 2003 - Credit Union Act (490.101 - 490.601)
Article 3 - Domestic Credit Union Organization and Structure (490.301...490.387)
215-2003-3-4 - Part 4 Members (490.351...490.357)
Section 490.351 - Annual Meeting; Special Meeting; Voting; Removal of Member.
Section 490.353 - Membership; Conditions.
Section 490.354 - Acceptance of Trust as Member; Conditions.
Section 490.355 - Designation as Inactive Account.
Section 490.356 - Minor; Deposit, Investment, or Withdrawal.
Section 490.357 - Suspension of Services or Termination or Withdrawal of Membership.