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276-1999-3-1 - Part 1 Formation (487.13101...487.13108)
Section 487.13101 - Bank Organization Generally. - Sec. 3101. Not less than 5 natural persons, a majority...
Section 487.13102 - Bank Organization; Application. - Sec. 3102. (1) An application to organize a bank under...
Section 487.13103 - Organization of Depository Institutions Generally. - Sec. 3103. (1) Any number of depository institutions may apply...
Section 487.13104 - Expenses of Incorporators; Reimbursement. - Sec. 3104. (1) Following the date authorized by the commissioner...
Section 487.13105 - Bank as Body Corporate; Authorization. - Sec. 3105. If the commissioner approves the articles of incorporation...
Section 487.13106 - Commencement of Business. - Sec. 3106. (1) Within 30 days after the approval of...
Section 487.13107 - Organization Meeting; Notice. - Sec. 3107. The organizational meeting of every bank shall be...
Section 487.13108 - Capital Adequacy; Requirements. - Sec. 3108. (1) A bank organized under this act shall...
276-1999-3-2 - Part 2 Articles of Incorporation (487.13201...487.13203)
Section 487.13201 - Articles of Incorporation; Approval Generally. - Sec. 3201. (1) Upon approval of the application under section...
Section 487.13202 - Articles of Incorporation; Contents. - Sec. 3202. (1) The articles of incorporation shall specify all...
Section 487.13203 - Articles of Incorporation; Amendments. - Sec. 3203. (1) With the approval of the commissioner, and...
276-1999-3-3 - Part 3 Dissolution (487.13301...487.13307)
Section 487.13301 - Proposed Resolution of Dissolution; Certificate of Termination; Designation of Liquidating Agent or Committee; Reports; Examination by Commissioner; Filing of Certificate; Termination. - Sec. 3301. (1) A solvent bank may go into dissolution...
Section 487.13302 - Bank in Dissolution as Body Corporate. - Sec. 3302. (1) A bank that begins dissolution under section...
Section 487.13303 - Bank in Dissolution; Function of Officers, Directors, and Shareholders. - Sec. 3303. (1) Subject to section 3302 or as otherwise...
Section 487.13304 - “Existing Claim” and “Existing Claimant” Defined; Notice to Depositors and Creditors; Existing Claims; Effective Date of Written Notice. - Sec. 3304. (1) As used in this section: (a) "Existing...
Section 487.13305 - “Claim” and “Claimant” Defined; Notice of Dissolution; Publication; Requirements. - Sec. 3305. (1) As used in this section: (a) "Claim"...
Section 487.13306 - Court Supervision of Bank in Dissolution. - Sec. 3306. (1) After a bank has commenced dissolution, the...
Section 487.13307 - Debts, Obligations, and Liabilities. - Sec. 3307. (1) A bank in dissolution or its liquidating...
276-1999-3-4 - Part 4 Term Extension (487.13401...487.13401)
Section 487.13401 - Expiration of Corporate Term; Extension. - Sec. 3401. (1) A bank whose corporate term will expire...
276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)
Section 487.13501 - Board of Directors; Election; Appointment of Officers; Meetings. - Sec. 3501. (1) A bank shall be managed by a...
Section 487.13502 - Board of Directors; Oath. - Sec. 3502. Every director when elected or appointed shall take...
Section 487.13503 - Sale or Purchase of Securities or Property. - Sec. 3503. (1) A bank may contract for, or purchase...
Section 487.13504 - Discharge of Duties; Liability; Commencement of Action; Violation; Statute of Limitations. - Sec. 3504. (1) A director or an officer of a...
Section 487.13505 - Removal of Director. - Sec. 3505. (1) The shareholders may remove 1 or more...
Section 487.13506 - Sale of Stock or Securities; Officer or Employee as Agent Prohibited. - Sec. 3506. An officer or employee of any bank, in...
Section 487.13507 - Procurement of Loan; Receipt of Gratuity or Consideration Prohibited. - Sec. 3507. An officer, director, or employee of a bank...
276-1999-3-6 - Part 6 Shareholders (487.13601...487.13604)
Section 487.13601 - Meeting of Shareholders. - Sec. 3601. (1) The annual meeting of the shareholders of...
Section 487.13602 - Meeting Called by Commissioner. - Sec. 3602. The commissioner may call a meeting of the...
Section 487.13603 - Names and Addresses of Shareholders; Record. - Sec. 3603. (1) A bank shall keep and maintain an...
Section 487.13604 - Provisions Applicable to Voting Stock. - Sec. 3604. If a vote of the holders of shares...
276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)
Section 487.13701 - Consolidated Bank; Formation. - Sec. 3701. (1) Subject to approval by the commissioner, a...
Section 487.13702 - Consolidated Organization. - Sec. 3702. On an interstate basis, a bank may consolidate...
Section 487.13703 - Consolidated Bank; Rights, Privileges, and Powers. - Sec. 3703. (1) If approval and certification of the consolidation...
Section 487.13704 - Service of Process. - Sec. 3704. (1) Whether it maintains a presence in this...
Section 487.13705 - Notice of Operation. - Sec. 3705. (1) A consolidated bank or consolidated organization may...
Section 487.13706 - Definitions; Applicable Provisions. - Sec. 3706. (1) As used in this section: (a) "Existing...
Section 487.13707 - Definitions; Consolidation Agreement; Approval of Terms and Conditions. - Sec. 3707. (1) As used in this section: (a) "Consolidation...
Section 487.13708 - Conversion of Bank Into Stock Association, Stock Savings Bank, or National Banking Association. - Sec. 3708. (1) Upon the affirmative vote of the shareholders...
Section 487.13709 - Conversion of Depository Institution. - Sec. 3709. (1) With the approval of the commissioner and...
Section 487.13710 - Effect of Conversion. - Sec. 3710. If a conversion becomes effective under section 3708...
Section 487.13711 - Branch Services. - Sec. 3711. (1) A bank may establish and operate a...
Section 487.13712 - Discontinuing Branch Operations; Transfer of Functions to Principal Office. - Sec. 3712. (1) If a bank or foreign bank permanently...
Section 487.13713 - Principal Office; Relocation. - Sec. 3713. (1) Upon prior written notice to the commissioner,...
Section 487.13714 - Branch Office in Foreign Country; Applicable Provisions. - Sec. 3714. Notwithstanding section 1105 of the uniform commercial code,...
276-1999-3-8 - Part 8 Capital (487.13801...487.13808)
Section 487.13801 - Issuance of Capital Notes, Debentures, or Other Instrument of Indebtedness. - Sec. 3801. (1) A bank, with the approval of shareholders...
Section 487.13802 - Issuance of Shares; Number; Classes; Designations. - Sec. 3802. (1) A bank may issue the number of...
Section 487.13803 - Stock Certificates. - Sec. 3803. (1) Except as provided in subsection (2), the...
Section 487.13804 - Capital Stock; Increase. - Sec. 3804. (1) By a vote of shareholders owning 2/3...
Section 487.13805 - Capital Stock; Reduction. - Sec. 3805. (1) By a vote of shareholders owning 2/3...
Section 487.13806 - Dividends. - Sec. 3806. (1) From time to time, the board of...
Section 487.13807 - Deficiency; Steps to Make Assessment or Dissolution; Extension. - Sec. 3807. (1) If, in the opinion of the commissioner,...
Section 487.13808 - Distribution of Sale Proceeds; Issuance of New Certificates; Effect of Uniform Commercial Code. - Sec. 3808. (1) If, 30 days after notice as provided...
276-1999-3-9 - Part 9 Administration (487.13901...487.13913)
Section 487.13901 - Repayment of Deposits. - Sec. 3901. Deposits shall be repaid to the depositor, or...
Section 487.13902 - Compliance Review Committee. - Sec. 3902. (1) An officer or the board of directors...
Section 487.13903 - Surety Bond. - Sec. 3903. (1) The board of directors shall require every...
Section 487.13904 - Indemnification. - Sec. 3904. (1) A bank may indemnify a person described...
Section 487.13905 - Indemnification; Expenses and Amounts. - Sec. 3905. (1) To the extent that a director, officer,...
Section 487.13906 - Director, Officer, Employee, or Agent as Party to Action; Reimbursement. - Sec. 3906. A bank may pay or reimburse the reasonable...
Section 487.13907 - Other Rights to Indemnification or Advancement; Limitation. - Sec. 3907. The indemnification or advancement of expenses provided by...
Section 487.13908 - Liability Insurance or Trust Fund. - Sec. 3908. A bank has the power to purchase and...
Section 487.13909 - Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Absorbed Depository Institution. - Sec. 3909. For purposes of this section and sections 3904,...
Section 487.13910 - Definitions; Person Acting in Best Interests of Bank or Shareholders. - Sec. 3910. (1) For the purposes of sections 3904, 3905,...
Section 487.13911 - Reports. - Sec. 3911. (1) The commissioner may require reports from any...
Section 487.13912 - Attachment or Execution. - Sec. 3912. Attachment or execution shall not be issued against...
Section 487.13913 - Action Taken or Event Occurring on or Before November 29, 1995. - Sec. 3913. A written agreement entered into under section 130b...