Section 491.418 - Members voting as joint tenants, tenants in common, or fiduciaries. - Michigan Statutes

SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980

491.418 Members voting as joint tenants, tenants in common, or fiduciaries.

Sec. 418.

Shares or savings accounts held by 2 or more persons as joint tenants, tenants in common, or as fiduciaries may be voted at a meeting of members by any of the persons, unless another joint tenant, tenant in common, fiduciary, or beneficial owner seeks to vote in person or by proxy, in which case, a written agreement governing the manner in which the shares or savings accounts shall be voted controls, if presented at the meeting. If an agreement is not presented at the meeting, a majority of the joint tenants or tenants in common, or a majority of the fiduciaries who are record owners, shall control the manner of voting. If there is not a majority, the shares or savings account shall not be voted at the meeting.

History: 1980, Act 307, Eff. Jan. 1, 1981