{"data":{"id":"us-mi/mich.-comp.-laws-490.353","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 490.353","heading":"Membership; conditions.","body":"Sec. 353.\n\n(1) Except as provided in this part, ownership of a share is a condition of membership in a domestic credit union. A domestic credit union may require ownership of a membership share rather than a share as a condition of membership. Except as provided in this section, a member may own only 1 membership share.\n\n(2) A domestic credit union may accept and maintain deposits under section 401(2)(x) without the depositor subscribing to or paying for a share in the domestic credit union.\n\n(3) If it is composed for the most part of the same general group as the membership of the domestic credit union, a domestic credit union may accept a legal entity as a member of a domestic credit union.\n\n(4) If the domestic credit union elects, a single account jointly owned by 2 or more individuals may serve as the basis for membership of any of those individual owners who are otherwise eligible for membership if the account contains at least 1 share for each of them.\n\n(5) If an individual was a member of the domestic credit union at the time of his or her death, a domestic credit union may accept the estate of the individual as a member.","path":["MI Code","Chapter 490","Act Act-215-of-2003"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-490-353","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"45a4ed7e6afb70b3cd7f4b62c9bb9ad188d627bdd68e441b66830d084348f23f","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-490.352","next":"us-mi/mich.-comp.-laws-490.354"},"notice":"GroundRules: Original legal text. Not legal advice."}