MCL - 354-1996-3

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Chapter 487
Act 354 of 1996
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SAVINGS BANK ACT (EXCERPT)
Act 354 of 1996
Chapter 3
CORPORATE STRUCTURE
Document Type Description
Section 487.3301 Section Corporation; formation; purpose.
Section 487.3302 Section Organization of savings bank; application; forms; notice; publication requirements; waiver; examination of information and statements; approval or disapproval of application.
Section 487.3302a Section 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 deposits and investments of public funds.
Section 487.3303 Section Organization of savings bank to serve depository institutions; application.
Section 487.3304 Section Organizational expenses; reimbursement; review.
Section 487.3305 Section Articles of incorporation.
Section 487.3306 Section Authorization to commence business; conditions; verification; certificate with official seal; application deemed abandoned and no effect; first meeting.
Section 487.3307 Section Required capital; applicability of section to consolidated organization; authorization of stock savings bank or mutual savings bank to commence business; total capital; maintenance of surplus amount.
Section 487.3308 Section Stock savings bank; stock issuance.
Section 487.3309 Section Mutual savings bank; membership.
Section 487.3310 Section Issuance of capital notes, debentures, and other indebtedness.
Section 487.3311 Section Applicability of provisions to voting stock.
Section 487.3312 Section Issuance of stock by mutual savings bank; conversion.
Section 487.3313 Section Issuance of certificates of stock by savings bank.
Section 487.3314 Section Increase in capital stock.
Section 487.3315 Section Reduction in capital stock.
Section 487.3316 Section Declaration and payment of dividends.
Section 487.3317 Section Mutual savings bank; meetings.
Section 487.3318 Section Records.
Section 487.3319 Section Savings bank; meetings; voting.
Section 487.3320 Section Savings bank; meeting notice.
Section 487.3321 Section Savings bank; stock ledger; designation of transfer agent or registrar of shares; list to be furnished upon request.
Section 487.3322 Section Savings bank; election of directors; vacancy; bylaws; meetings; chief executive officer; minutes; quorum; notice of meeting.
Section 487.3323 Section Oath.
Section 487.3324 Section Purchase or sale of securities by director; conditions.
Section 487.3325 Section Director or officer of savings bank; discharge of duties; violation; removal; vote.
Section 487.3326 Section Indemnification of party.
Section 487.3327 Section Indemnification of director, officer, employee, or agent.
Section 487.3328 Section Payment or reimbursement of expenses incurred in civil or criminal action, suit, or proceeding.
Section 487.3329 Section Rights to indemnification.
Section 487.3330 Section Insurance; trust fund.
Section 487.3330a Section Consolidation or merger; position of director, officer, employee, or agent of depository institution.
Section 487.3331 Section Articles of incorporation; amendment.
Section 487.3332 Section Definitions; best interests of savings bank, shareholders, or members.
Section 487.3333 Section Liquidation; notice; certificate of termination; designation of liquidating agent or committee; bond; reports; removal; appointment of new agent or committee; examination by commissioner; publication of notice; filing and forwarding certificate of termination.
Section 487.3334 Section 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 Section Savings bank; expiration of term by limitation; extension; renewal.
Section 487.3336 Section Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches.
Section 487.3337 Section Sale or purchase of branches; notice.
Section 487.3338 Section Unlimited amounts or share of deposits.
Section 487.3339 Section Compliance review committee; construction of section.