November 10, 2011, Introduced by Reps. Hovey-Wright, Meadows, Jackson, Brown, Segal, Liss, Barnett, Slavens, Lindberg, Townsend, Switalski, Irwin and Howze and referred to the Committee on Banking and Financial Services.
A bill to amend 1996 PA 354, entitled
"Savings bank act,"
by amending section 404 (MCL 487.3404).
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 404. Except as otherwise provided by this act or in its
articles of incorporation, a savings bank may purchase the shares
of
stock of, or make loans to, the Michigan facilitated by, a
business development corporation incorporated under the business
development corporation act.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 5169(request no.
01519'11) of the 96th Legislature is enacted into law.