Michigan Compiled Laws, Chapter 259. Aviation § 259.91

Sec. 91. A flying club shall be a nonprofit entity organized for the express purpose of providing its members with an aircraft for their personal use and enjoyment. The ownership of the aircraft shall be vested in the name of the flying club or owned in equal shares by all of its members. The property rights of the members of the club shall be equal and any part of the net earnings of the club to be distributed to the members shall be in equal shares to all members. The club shall not derive greater revenue from the use of its aircraft than the amount necessary for its actual operation, maintenance, and replacement or upgrade of its aircraft. Flying club aircraft shall not be used by members for rental, or by anyone for charter or lease.