Michigan StatutesAct 354 of 1996 - SAVINGS BANK ACT (487.3101 - 487.3804)
- 354-1996-1 - CHAPTER 1 SHORT TITLE AND DEFINITIONS (487.3101...487.3103)
- 354-1996-2 - CHAPTER 2 ADMINISTRATION (487.3201...487.3226)
- Section 487.3201 - Financial institutions bureau; jurisdiction; duties of commissioner; construction of act.
- Section 487.3202 - Prohibited conduct.
- Section 487.3203 - Federal insurance of deposits required.
- Section 487.3204 - Savings bank; asset tests; loans for domestic residential housing; failure to satisfy asset tests.
- Section 487.3205 - Appointment of examiners and employees; payment of compensation, travel, and expenses.
- Section 487.3206 - Commissioner, deputy commissioner, or examiner; prohibited conduct.
- Section 487.3207 - Commissioner, deputy commissioner, or examiner; civil liability.
- Section 487.3208 - Rules, orders, and declaratory rulings.
- Section 487.3209 - Savings banks and entities subject to examination by commissioner.
- Section 487.3210 - Schedule of supervisory fees; initial supervisory fee.
- Section 487.3211 - Circuit court subpoena to appear; petition by commissioner; scope; failure to appear as contempt.
- Section 487.3212 - Privilege against self-incrimination; perjury.
- Section 487.3213 - Confidentiality; exception.
- Section 487.3214 - Application for approval; requirements; appeal.
- Section 487.3215 - Unsafe or unsound practice or violation; notice of charges; hearing; order to cease and desist; effect and enforcement; out-of-state bank branch.
- Section 487.3216 - Temporary cease and desist order; effective and enforceable; injunction to set aside, limit, or suspend order.
- Section 487.3217 - Intent by commissioner to remove director or officer from office; notice; suspension or prohibition; effective date; service of copies of notice; statement of facts; hearing; issuan
- Section 487.3218 - Stay of suspension or prohibition; application to circuit court.
- Section 487.3219 - Felony charge involving dishonesty or breach of trust by director or officer; suspension or prohibition; duration; entry of conviction; order of removal from office or prohibition;
- Section 487.3220 - Board of directors; less than quorum.
- Section 487.3221 - Hearing; decision; review; modifying, terminating, or setting aside order; commencement of proceedings not as stay of order.
- Section 487.3222 - Notice or order; jurisdiction of court.
- Section 487.3223 - Prohibited acts; fine; limitation.
- Section 487.3224 - Service of notice; intent to issue cease and desist order; notice to governor.
- Section 487.3225 - Proceedings under MCL 487.3215, 487.3216(1), or 487.3217; notice to federal authorities of intent to institute proceedings.
- Section 487.3226 - Definitions.
- 354-1996-3 - CHAPTER 3 CORPORATE STRUCTURE (487.3301...487.3339)
- Section 487.3301 - Corporation; formation; purpose.
- Section 487.3302 - Organization of savings bank; application; forms; notice; publication requirements; waiver; examination of information and statements; approval or disapproval of application.
- Section 487.3302a - Organization of branch by out-of-state savings bank; proof of federal insurance on deposits; determination of compliance; certificate of organization and eligibility to accept depo
- Section 487.3303 - Organization of savings bank to serve depository institutions; application.
- Section 487.3304 - Organizational expenses; reimbursement; review.
- Section 487.3305 - Articles of incorporation.
- Section 487.3306 - Authorization to commence business; conditions; verification; certificate with official seal; application deemed abandoned and no effect; first meeting.
- Section 487.3307 - Required capital; applicability of section to consolidated organization; authorization of stock savings bank or mutual savings bank to commence business; total capital; maintenance
- Section 487.3308 - Stock savings bank; stock issuance.
- Section 487.3309 - Mutual savings bank; membership.
- Section 487.3310 - Issuance of capital notes, debentures, and other indebtedness.
- Section 487.3311 - Applicability of provisions to voting stock.
- Section 487.3312 - Issuance of stock by mutual savings bank; conversion.
- Section 487.3313 - Issuance of certificates of stock by savings bank.
- Section 487.3314 - Increase in capital stock.
- Section 487.3315 - Reduction in capital stock.
- Section 487.3316 - Declaration and payment of dividends.
- Section 487.3317 - Mutual savings bank; meetings.
- Section 487.3318 - Records.
- Section 487.3319 - Savings bank; meetings; voting.
- Section 487.3320 - Savings bank; meeting notice.
- Section 487.3321 - Savings bank; stock ledger; designation of transfer agent or registrar of shares; list to be furnished upon request.
- Section 487.3322 - Savings bank; election of directors; vacancy; bylaws; meetings; chief executive officer; minutes; quorum; notice of meeting.
- Section 487.3323 - Oath.
- Section 487.3324 - Purchase or sale of securities by director; conditions.
- Section 487.3325 - Director or officer of savings bank; discharge of duties; violation; removal; vote.
- Section 487.3326 - Indemnification of party.
- Section 487.3327 - Indemnification of director, officer, employee, or agent.
- Section 487.3328 - Payment or reimbursement of expenses incurred in civil or criminal action, suit, or proceeding.
- Section 487.3329 - Rights to indemnification.
- Section 487.3330 - Insurance; trust fund.
- Section 487.3330a - Consolidation or merger; position of director, officer, employee, or agent of depository institution.
- Section 487.3331 - Articles of incorporation; amendment.
- Section 487.3332 - Definitions; best interests of savings bank, shareholders, or members.
- Section 487.3333 - Liquidation; notice; certificate of termination; designation of liquidating agent or committee; bond; reports; removal; appointment of new agent or committee; examination by commiss
- Section 487.3334 - Commencement of voluntary liquidation procedures; savings bank as body corporate; actions, suits, or proceedings begun prior to liquidation proceeding; powers of surviving directors
- Section 487.3335 - Savings bank; expiration of term by limitation; extension; renewal.
- Section 487.3336 - Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches.
- Section 487.3337 - Sale or purchase of branches; notice.
- Section 487.3338 - Unlimited amounts or share of deposits.
- Section 487.3339 - Compliance review committee; construction of section.
- 354-1996-4 - CHAPTER 4 POWERS (487.3401...487.3434)
- Section 487.3401 - Savings bank; powers.
- Section 487.3402 - Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect.
- Section 487.3403 - Purchase of corporation stock by savings bank; limitation on aggregate investments.
- Section 487.3404 - Purchase of stock, or loans to, Michigan business development corporation.
- Section 487.3405 - Venture capital investments; “professional investor” and “venture capital” defined.
- Section 487.3406 - “Investment security” and “secretary” defined; purchase of investment securities.
- Section 487.3407 - Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.
- Section 487.3408 - Services performed by savings bank.
- Section 487.3409 - Savings bank engaged in real estate brokerage business; notice of licensure or ownership; prohibited acts; disclosure to credit applicant; violation of section; orders; limitation.
- Section 487.3410 - Investment in service entities.
- Section 487.3411 - Powers granted in MCL 487.3401 and 487.3403 construed.
- Section 487.3412 - Change in location of principal office.
- Section 487.3413 - Transactions relating to capital stock of corporation; authorization; purchase and sale of securities and stock; loan or discount; purchase or holding of own stock.
- Section 487.3414 - Savings bank possessing capital and surplus more than $1,000,000.00; powers; application; savings bank operating foreign branches; restrictions and limitations; further powers.
- Section 487.3415 - Savings bank with branch offices in foreign country.
- Section 487.3416 - Savings bank as owner or lessor of personal property; lease payments as rent; taxes; prohibition.
- Section 487.3417 - Savings bank with branch in another state.
- Section 487.3418 - Loan production offices.
- Section 487.3419 - Purchase or assumption of national or state chartered bank, savings bank, or association; operation as new branch.
- Section 487.3420 - Discontinuing operations of branch or agency office; transfer of functions.
- Section 487.3421 - Trust powers; conditions, limitations, and restrictions.
- Section 487.3422 - Definitions; trust service agreements.
- Section 487.3423 - Separation of trust department business from commercial bank business; commingled and consolidated funds; limitation; lien on securities in event of savings bank failure.
- Section 487.3424 - Fiduciary powers; considerations.
- Section 487.3425 - Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001.
- Section 487.3426 - Fund or property held by savings bank as fiduciary; investments; “registered investment company” defined; funds considered as held in fiduciary capacity.
- Section 487.3427 - Enforcement of MCL 487.3421 to 487.3426; orders or declaratory rulings.
- Section 487.3428 - Safe deposit and storage department.
- Section 487.3429 - Lease, purchase, holding, and conveyance of real estate.
- Section 487.3430 - Interest and charges on loans and credit extensions.
- Section 487.3431 - Drafts or bills of exchange.
- Section 487.3432 - Loans and extensions of credit and leases; limitations; exceptions; definitions.
- Section 487.3433 - Loans and extensions of credit; exceptions to limitations.
- Section 487.3434 - Capital and surplus; limitations.
- 354-1996-5 - CHAPTER 5 REGULATION (487.3501...487.3514)
- 354-1996-6 - CHAPTER 6 RECEIVERSHIPS AND CONSERVATORSHIPS (487.3601...487.3608)
- 354-1996-7 - CHAPTER 7 CONSOLIDATIONS, MERGERS, AND CONVERSIONS (487.3701...487.3715)
- Section 487.3701 - Consolidated savings bank.
- Section 487.3702 - Consolidated organization.
- Section 487.3703 - Consolidated savings bank; rights, interests, privileges, powers, restrictions, disabilities, liabilities, and duties.
- Section 487.3704 - Consolidated organization; service of process; prosecution.
- Section 487.3705 - Operation of branches of consolidated or acquired savings bank.
- Section 487.3706 - Definitions; consolidation.
- Section 487.3706a - Definitions; reorganization of existing mutual savings bank to mutual holding company; requirements; organization and incorporation of new savings bank subsidiary; approval.
- Section 487.3707 - Definitions; terms and conditions of conversion or exchange.
- Section 487.3708 - Conversion of savings bank into stock association or national banking association; conversion of mutual savings bank into state or federal mutual savings and loan association.
- Section 487.3709 - Conversion of federally chartered shareholder-owned financial institution into savings bank.
- Section 487.3710 - Conversion of state chartered shareholder-owned financial institution into savings bank.
- Section 487.3711 - Conversion of member-owned federally chartered financial institution into mutual savings bank.
- Section 487.3711a - Conversion of mutual federal savings and loan association, mutual federal savings bank, or other member-owned federally chartered financial institution into stock savings bank.
- Section 487.3712 - Conversion of member-owned state chartered financial institution into mutual savings bank.
- Section 487.3712a - Conversion of mutual state savings and loan association, or mutual state savings bank, or other member-owned state chartered financial institution into stock savings bank.
- Section 487.3713 - Rights, obligations, and relations of converted and converting organization.
- Section 487.3714 - Liability not impaired by sale of assets, consolidation, or conversion.
- Section 487.3715 - Conversion of mutual savings bank to stock savings bank.
- 354-1996-8 - CHAPTER 8 GENERAL PROVISIONS, EXEMPTION FROM TAXATION (487.3801...487.3804)