Act 307 of 1980 - SAVINGS AND LOAN ACT OF 1980 (491.102 - 491.1202)
- 307-1980-1 - ARTICLE 1 (491.102...491.160)
- Section 491.102 - Short title.
- Section 491.104 - Meanings of words and phrases.
- Section 491.106 - “Agency” defined.
- Section 491.107 - “Bank” defined.
- Section 491.108 - “Association” defined.
- Section 491.110 - “Board” defined.
- Section 491.112 - “Branch office” defined.
- Section 491.114 - “Capital in excess of par” defined.
- Section 491.116 - “Chief executive officer” defined.
- Section 491.120 - “Depositor” defined.
- Section 491.122 - “Domestic association” defined.
- Section 491.123 - “Domestic savings bank” defined.
- Section 491.124 - “Federal association” defined.
- Section 491.126 - “Foreign association” defined.
- Section 491.128 - “Insolvent condition” defined.
- Section 491.130 - “Member” defined.
- Section 491.131 - “Messenger service” and “depository institution” defined.
- Section 491.131a - “Mobile branch” defined.
- Section 491.132 - “Mobile home” defined.
- Section 491.134 - “Mutual association” defined.
- Section 491.136 - “Net worth” defined.
- Section 491.138 - “Office” defined.
- Section 491.140 - “Person” defined.
- Section 491.142 - “Real estate loan” defined.
- Section 491.144 - “Remote service unit” defined.
- Section 491.146 - “Retained earnings” defined.
- Section 491.148 - “Savings liability” defined.
- Section 491.150 - “Service corporation” defined.
- Section 491.152 - “Stated capital of a stock association” defined.
- Section 491.154 - “Stock association” defined.
- Section 491.156 - “Supervisor” defined.
- Section 491.158 - “Total assets” defined.
- Section 491.160 - “Total liabilities” defined.
- 307-1980-10 - ARTICLE 10 (491.1000...491.1012)
- Section 491.1000 - Unsafe or unsound practices or violation or threatened unsafe or unsound practices or violation; notice of charges; hearing; consent to issuance of cease and desist order; final or
- Section 491.1002 - Report on violation or detrimental condition; directing discontinuance of violation; ordering correction of detrimental condition; appointment and duties of conservator; proceedings
- Section 491.1004 - Conservator; rights, powers, and privileges; retention of special counsel or other experts; expenses; liquidation of assets; removal of director, officer, or employee.
- Section 491.1006 - Association in charge of conservator; payments, withdrawals, and deposits; segregation of deposits; restrictions; return of deposits; revocation of segregation order; expenses of op
- Section 491.1008 - Injunction, appointment of receiver, and dissolution of association; grounds; report; proceedings.
- Section 491.1010 - Receiver; appointment and qualifications; expenses; books, records, and assets; report.
- Section 491.1012 - Liquidation and dissolution; procedures; provisions governing appointment of receiver or other liquidating agent.
- 307-1980-11 - ARTICLE 11 (491.1100...491.1135)
- Section 491.1100 - Sale of savings accounts; exemption from securities laws.
- Section 491.1102 - Acknowledgments or proofs of written instruments by public officer; validity.
- Section 491.1104 - Rights of association to take action to avoid loss.
- Section 491.1106 - Violation as misdemeanor; penalty.
- Section 491.1108 - False or derogatory statement or rumor as misdemeanor; penalty.
- Section 491.1110 - Laws regulating business and affairs of associations or federal associations.
- Section 491.1112 - Federal associations, service corporations, members, and depositors; rights, powers, privileges, benefits, immunities, and exemptions.
- Section 491.1114 - Foreign associations or agents; law governing transaction of business in state.
- Section 491.1116 - Foreign association; conditions to transaction of business in state.
- Section 491.1118 - Foreign association; validity of certificate of authority; conditions to renewal of certificate.
- Section 491.1119 - Definitions; control of savings association or another holding company; location of savings association; meaning of state chartered savings association; charter or acquisition of Mi
- Section 491.1120 - Foreign association; ownership of loans or participations or interests in loans secured by mortgages of real estate.
- Section 491.1122 - Foreign association; examination of business transacted in state; expense; certified report of examination.
- Section 491.1124 - Foreign association; grounds for supervisory revocation of certificate of authority; notice of revocation; further payments prohibited; appeal.
- Section 491.1126 - Foreign association; compliance with act; void contracts; violation or noncompliance; amount of civil fine; recovery and disposition of fine.
- Section 491.1128 - Conduct constituting misdemeanor; penalty; disposition of fines.
- Section 491.1130 - Association incorporated before effective date of act; name, rights, powers, privileges, and immunities; articles, charter, bylaws, constitution, or rules; contractual obligations;
- Section 491.1132 - Enforcement of obligations contracted before effective date of act.
- Section 491.1134 - Fees.
- Section 491.1135 - Repealed. 2005, Act 193, Imd. Eff. Nov. 7, 2005.
- 307-1980-12 - ARTICLE 12 (491.1200...491.1202)
- 307-1980-2 - ARTICLE 2 (491.200...491.212)
- Section 491.200 - Powers and duties of supervisor generally; requirements as to approvals, rules, and orders; designation and duties of director of savings and loan; employment and duties of staff per
- Section 491.202 - Examination by supervisor; report; access to books and papers; witnesses; oaths; production of documents.
- Section 491.204 - Reports to supervisor; penalty for failure to file statement or report.
- Section 491.206 - Disclosures by supervisor, assistants, or employees; confidentiality; penalty; removal from office.
- Section 491.208 - Documents; filing with supervisor.
- Section 491.210 - Action without notice and without lapse of prescribed time period; waiver.
- Section 491.212 - Mailing of notice or communication.
- 307-1980-3 - ARTICLE 3 (491.300...491.326)
- Section 491.300 - Application for permission to organize association; organization expenses; organizers and their appointment of agent; application as public document.
- Section 491.300a - Organization of branch by foreign association; proof of federal insurance on deposits; determination of compliance; certificate of organization and eligibility to accept deposits an
- Section 491.302 - Notice of application; written objections; supplemental data; examination and investigation; hearing oral argument; decision.
- Section 491.304 - Approval of application; criteria.
- Section 491.306 - Approval of application; notice; authorization to proceed; conditions of approval.
- Section 491.308 - Articles of incorporation; execution; filing; commencement of existence; expiration of approval.
- Section 491.310 - Articles of incorporation; contents.
- Section 491.312 - Surety bond; notice of payments from organizational expense fund; approval of payments; repayment of contributions and approved payments; repayment in case of liquidation; account of
- Section 491.314 - Organizational meeting; adoption of bylaws; appointment of officers; establishment of association; approval of bylaws.
- Section 491.316 - Certificate of authority to commence operations; issuance; prerequisites; notice.
- Section 491.318 - Failure of association to commence operations; forfeiture of existence; time extension; refunds to depositors and stock subscribers.
- Section 491.320 - Name of association; requirements; prohibitions.
- Section 491.322 - Unlawful savings and loan business or savings bank business; injunction; penalty.
- Section 491.324 - Amending articles of incorporation before issuance of certificate of authority; procedure; approval of other amendments; notice of meeting; voting on proposed amendments; adoption; e
- Section 491.326 - Members of stock association voting as class upon proposed amendment; conditions; limitations.
- 307-1980-4 - ARTICLE 4 (491.400...491.472)
- Section 491.400 - Meetings of members generally.
- Section 491.402 - Meetings of members; notice; waiver.
- Section 491.404 - Record date for determination of members' rights.
- Section 491.406 - List of members entitled to vote at meeting; requirements; noncompliance; challenge; adjournment.
- Section 491.408 - Record of members entitled to vote at meeting; requirements.
- Section 491.410 - Quorum for meeting of members.
- Section 491.412 - Proxy.
- Section 491.414 - Inspectors; appointment; duties; report.
- Section 491.416 - Voting by members.
- Section 491.418 - Members voting as joint tenants, tenants in common, or fiduciaries.
- Section 491.420 - Shares of stock association as personal property; transfer.
- Section 491.422 - Transfer or registration of transfer of share or other security of stock association; restriction; enforcement.
- Section 491.424 - Stock association; no preference to existing members in issuance of shares, option rights, or securities having conversion or option rights.
- Section 491.426 - Books, records, and minutes at principal office; accounting in accordance with supervisory rules; reproduction and disposal of records.
- Section 491.428 - Examination of members' minutes or records by member of record of stock association; extracts; inspection of account records by depositor; limitation; furnishing list of members
- Section 491.430 - Communication by member with other members of association; request for statement as to number of members and for estimate of cost; certificate of supervisor; expenses of preparation
- Section 491.432 - Closing of books; annual publication of statement of condition; affidavit; public inspection of annual statements; certain associations not required to issue additional statement.
- Section 491.434 - Board of directors; designation by organizers; qualifications; election; number; term; resignation; meetings; minutes; calling of meeting by supervisor.
- Section 491.436 - Regular or special meetings of board; waiver of notice; participation by conference telephone or similar equipment.
- Section 491.438 - Official communication by supervisor.
- Section 491.440 - Classification of directors as to term expiration.
- Section 491.442 - Vacancy among directors.
- Section 491.444 - Quorum for directors' meeting; vote constituting action of board or committee; proposed amendments to bylaws.
- Section 491.446 - Written consent to action without board or committee meeting; filing; effect.
- Section 491.448 - Board committees; appointment of members.
- Section 491.450 - Committee; powers; prohibited authority.
- Section 491.452 - Officers of association; election or appointment; term; powers and duties.
- Section 491.454 - Removal or resignation of officer; contract rights.
- Section 491.456 - Bonding of officers, directors, and employees.
- Section 491.458 - Fiduciary relationship of directors and officers to association; conflict of interests; profits inuring to officer or director; disclosures; violation as misdemeanor; penalty; restri
- Section 491.460 - Indemnification of party to action or proceeding; presumptions.
- Section 491.462 - Indemnification of party to action by or in right of association; effect of negligence or misconduct.
- Section 491.464 - Indemnification against expenses actually and reasonably incurred; determination.
- Section 491.466 - Civil or criminal action or proceeding; payment of expenses in advance; undertaking.
- Section 491.468 - Validity of provision to indemnify director or officer in action or proceeding; right of indemnification by contract or otherwise by law; continuation of indemnification.
- Section 491.470 - Insurance against liability.
- Section 491.472 - Meaning of “association” in MCL 491.460 to 491.470.
- 307-1980-5 - ARTICLE 5 (491.500...491.532)
- Section 491.500 - Additional powers of association.
- Section 491.502 - Hours of operation; establishment; change; notice; closing of offices.
- Section 491.504 - Safe deposit and storage business.
- Section 491.506 - Trust powers of association.
- Section 491.508 - Segregation of assets held in fiduciary capacity; books and records; keeping trust department business separate and distinct; commingling, consolidating, and depositing funds held in
- Section 491.510 - Deposit of securities with state treasurer as security for trust creditors of association; safekeeping receipt; consideration by court; certificate; interest and income; disposition
- Section 491.512 - Investment of trust funds.
- Section 491.513 - District bank of federal home loan bank system as trustee or custodian; powers; books and records; commingling investment funds.
- Section 491.514 - Borrowing.
- Section 491.515 - Brokerage services; rules; "securities" defined.
- Section 491.516 - Capital notes, bonds, or debentures; issuance and sale; requirements; unsecured indebtedness; subordination to claims of depositors or general creditors; status in liquidation; state
- Section 491.518 - Shares of capital stock without voting rights; authorization and issuance.
- Section 491.520 - Operation of association from principal office; branch office or agency; remote service unit; moving branch office or agency.
- Section 491.522 - Branch office; establishment or relocation; application; notice; examination or investigation; oral argument; approval; announcement of decision; revocation of approval; request for
- Section 491.524 - Agent of association; activities; procedures; record of business transacted; report.
- Section 491.526 - Net worth structure.
- Section 491.528 - Interest or no interest on deposit accounts; classification of accounts; different rates.
- Section 491.530 - Cash dividends on common stock; restrictions; dividends on preferred stock.
- Section 491.532 - Increasing capital stock by stock dividend; conditions; certificates required.
- 307-1980-6 - ARTICLE 6 (491.600...491.630)
- Section 491.600 - Savings liability; relationship between association and depositor; nonliability of depositor; depositor preference; contract with depositor.
- Section 491.602 - Contract as evidence of savings account; contents; evidence of ownership.
- Section 491.604 - Evidence of ownership of savings account; loss or destruction; affidavit; issuance of new evidence or substitution of new account; nonliability on original evidence of ownership; bon
- Section 491.606 - Types of savings accounts; contract for issuance; transaction charges.
- Section 491.608 - Application for withdrawal of money from savings account; identification; cancellation; payment or numbering of application; interest; rotation plan; amount of payment; notice; pro r
- Section 491.610 - Redemption of savings accounts.
- Section 491.612 - Opening and holding of savings accounts; representation of savings account; treating depositor as owner of funds; evidence of identity.
- Section 491.614 - Issuance of savings account to minor; rights of minor; death of minor.
- Section 491.616 - Joint savings account; contract; nature of joint tenancy; power of depositors; instructions; discharge of association from liability.
- Section 491.618 - Pledge of joint account.
- Section 491.620 - Nonresident depositor; payment of account to administrator, personal representative, executor, or guardian; letters of administration; affidavit; release and discharge of association
- Section 491.622 - Savings account in name of fiduciary in trust for named beneficiary or in name of nominee or escrow agent; powers of record owner; payment or delivery; release and discharge; death o
- Section 491.624 - Attorney-in-fact; recognition of authority; notice of revocation of authority.
- Section 491.626 - Savings accounts as legal investments.
- Section 491.628 - Savings accounts subject to garnishment or similar process; payment pursuant to action or judgment.
- Section 491.630 - Repealed. 1987, Act 106, Imd. Eff. July 7, 1987.
- 307-1980-7 - ARTICLE 7 (491.700...491.736)
- Section 491.700 - Investment of funds; venture capital investments; other lending or investment powers not limited; definitions; approval of investments in other categories by commissioner.
- Section 491.702 - Real estate loans and land contracts; making or purchasing; limitations; security; provisions and recordation of security instruments; extension or renewal of real estate loan or con
- Section 491.702a - Property/casualty insurance as condition to loan; limitation on amount required; amount as condition of sale, transfer, or assignment.
- Section 491.704 - Additional types of loans association may make or purchase; limitation.
- Section 491.706 - Participation in making or acquiring loan; sale of loan or of participation in loan.
- Section 491.708 - Appraisal of real estate securing loan; copy; fee; nonliability for contents or accuracy; reappraisal of real estate securing delinquent loan; appraisal of real estate at time of acq
- Section 491.710 - Investment in purchase and development of real estate for sale or construction of residential or commercial units.
- Section 491.711 - Association as owner or lessor of personal property; proceeds of lease transaction as rent; taxation; limitation on acquisition of personal property.
- Section 491.712 - Investment in land, buildings, and real estate for transaction of business.
- Section 491.714 - Investment in service corporation.
- Section 491.716 - Limitations on loans to one borrower.
- Section 491.718 - Interest on loans.
- Section 491.720 - Application of payments on real estate loans.
- Section 491.722 - Notes as evidence of loans.
- Section 491.724 - Real estate loans; taxes, assessments, insurance premiums, and similar charges; payments; assignment of life insurance as additional collateral.
- Section 491.726 - Real estate loans; taxes, assessments, insurance premiums, and other charges; monthly payment in advance or in arrears; disposition of funds; record.
- Section 491.728 - Loan to minor veteran and spouse; prohibited action.
- Section 491.730 - Loan charges and fees; loan settlement statement.
- Section 491.732 - Acquisition of real estate in satisfaction of obligation.
- Section 491.736 - Liability for defect in real property.
- 307-1980-8 - ARTICLE 8 (491.800... 491.830)
- Section 491.800 - Plan of merger, sale, or purchase; contents; adoption; notice of meeting; vote; adoption of plan; signatures; corporate seals; acknowledgment; filing plan with affidavit; commitment
- Section 491.802 - Merger and continuation of corporate existence in resulting association; powers, rights, interests, and duties of resulting association; transfer and vesting of property; resulting a
- Section 491.804 - Office of acquired association as branch office.
- Section 491.805 - Conversion of mutual association into stock association or conversion of stock association into mutual association.
- Section 491.806 - Conversion of mutual or stock association into federal mutual or stock association; approval; filing of documents, minutes, and charter; plan of conversion; notice of meeting; approv
- Section 491.807 - Conversion of stock association into bank.
- Section 491.808 - Conversion of federal mutual or stock association to mutual or stock association.
- Section 491.809 - Conversion of bank to stock association.
- Section 491.810 - Plan of conversion, merger, sale, or purchase; substantive or procedural requirements; approval; application procedures; fees; rules or orders; conditions.
- Section 491.811 - Organization of new association; consolidation of new association and existing association; rights of dissenting shareholder; determining fair market value of surrendered shares; dut
- Section 491.812 - Resulting association as continuation of entity of converted association; vesting of property in resulting association; rights, obligations, and relations; pending actions and procee
- Section 491.814 - Voting on liquidation and dissolution; notice of meeting; certified copy of minutes; itemized statement of assets and liabilities; itemized list of members.
- Section 491.816 - Liquidation and dissolution; deposits to accounts and new loans prohibited; retention of income and receipts; retention of existence; certified copies of proceedings; examination of
- Section 491.818 - Dissolution; sale and transfer of assets or properties; application of income and receipts to discharge of liabilities.
- Section 491.820 - Liquidating agent or committee; designation; approval; bond; publication of notice to creditors; conducting liquidation.
- Section 491.822 - Reports; certified copies of dissolution proceedings.
- Section 491.824 - Liquidating agent or committee; removal; appointment of new agent or members.
- Section 491.826 - Examination of liquidating association; purpose; expenses; appointment of conservator.
- Section 491.828, 491.830 - Repealed. 1981, Act 114, Eff. July 17, 1981.
- 307-1980-9 - ARTICLE 9 (491.900...491.934)
- Section 491.900 - Number and classes of shares issued by stock association; par value; voting, dividend, liquidation, and other right, preference, and limitation; denial or limitation of rights; disti
- Section 491.902 - Convertible shares or securities; issuance; approval; increasing shares to satisfy conversion privileges; reservation of unissued shares; consideration; cancellation of converted sha
- Section 491.904 - Subscription for shares; enforceability; subscription irrevocable; exception; contract to purchase shares as subscription agreement.
- Section 491.906 - Subscription for shares; payment; call for payment ratable; retention of shares as security.
- Section 491.908 - Default in payment under subscription agreement; powers of stock association; rights and duties cumulative; limiting and adding to rights and remedies.
- Section 491.910 - Rescission of subscription; effect.
- Section 491.912 - Consideration for issuance of shares; payment; rights and privileges; conclusive judgment of value.
- Section 491.914 - Consideration for shares issued in exchange or conversion; determination.
- Section 491.916 - Obligation of member; liability of member as assignee, transferee, or pledgee of subscription for shares.
- Section 491.918 - Rights and options; creation; issuance; consideration for shares purchased under rights and options; terms and conditions; rights or options issued as incentive to service.
- Section 491.920 - Certificate representing shares; signatures of officers; seal; contents.
- Section 491.922 - Lost or destroyed certificate; issuance of new certificate; bond.
- Section 491.924 - Issuance of fractions of share; purpose; issuance of scrip; form; signature; exchangeability; rights; conditions; sale or purchase of additional scrip; payment in cash of fair value
- Section 491.926 - Merger or acquisition; allocation of capital in excess of par to retained earnings; limitation on aggregate retained earnings.
- Section 491.928 - Transactions with respect to share of capital stock; purchase of shares on order and for account of customer; loan on security of association's own shares; association as purchas
- Section 491.930 - Cancellation of reacquired shares; restoration to status of authorized but unissued shares; amendment of articles of incorporation reducing number of authorized shares; reduction of
- Section 491.932 - Determination of amount or availability of retained earnings; computation; merger or combination of associations; limitation on amount of retained earnings; transfer of part of retai
- Section 491.934 - Voting class of voting securities; limit; notice of proposed acquisition; notice of disapproval of proposed acquisition; hearing; furnishing information to supervisor; grounds for di