Michigan Compiled Laws
Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)
354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)

Section 487.3301 - Corporation; Formation; Purpose. - Sec. 301. A corporation may be formed by 1 or...

Section 487.3302 - Organization of Savings Bank; Application; Forms; Notice; Publication Requirements; Waiver; Examination of Information and Statements; Approval or Disapproval of Application. - Sec. 302. (1) A person shall apply to the commissioner...

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 Deposits and Investments of Public Funds. - Sec. 302a. (1) An out-of-state savings bank may apply to...

Section 487.3303 - Organization of Savings Bank to Serve Depository Institutions; Application. - Sec. 303. (1) Any number of depository institutions may apply...

Section 487.3304 - Organizational Expenses; Reimbursement; Review. - Sec. 304. (1) Following the date authorized by the commissioner...

Section 487.3305 - Articles of Incorporation. - Sec. 305. (1) Upon approval of the application, at least...

Section 487.3306 - Authorization to Commence Business; Conditions; Verification; Certificate With Official Seal; Application Deemed Abandoned and No Effect; First Meeting. - Sec. 306. (1) Within 30 days after the approval and...

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 of Surplus Amount. - Sec. 307. (1) A stock savings bank organized under this...

Section 487.3308 - Stock Savings Bank; Stock Issuance. - Sec. 308. A stock savings bank may issue shares of...

Section 487.3309 - Mutual Savings Bank; Membership. - Sec. 309. The membership of a mutual savings bank shall...

Section 487.3310 - Issuance of Capital Notes, Debentures, and Other Indebtedness. - Sec. 310. (1) A savings bank, with the approval of...

Section 487.3311 - Applicability of Provisions to Voting Stock. - Sec. 311. Whenever a vote of the holders of shares...

Section 487.3312 - Issuance of Stock by Mutual Savings Bank; Conversion. - Sec. 312. Upon application and approval of the commissioner, a...

Section 487.3313 - Issuance of Certificates of Stock by Savings Bank. - Sec. 313. (1) Except as provided in subsection (2), the...

Section 487.3314 - Increase in Capital Stock. - Sec. 314. (1) By a vote of shareholders owning 2/3...

Section 487.3315 - Reduction in Capital Stock. - Sec. 315. (1) By a vote of shareholders owning 2/3...

Section 487.3316 - Declaration and Payment of Dividends. - Sec. 316. (1) The board of directors of a savings...

Section 487.3317 - Mutual Savings Bank; Meetings. - Sec. 317. (1) An annual meeting of the members of...

Section 487.3318 - Records. - Sec. 318. (1) Each savings bank shall keep correct and...

Section 487.3319 - Savings Bank; Meetings; Voting. - Sec. 319. (1) The annual meeting of the shareholders of...

Section 487.3320 - Savings Bank; Meeting Notice. - Sec. 320. The commissioner may call a meeting of the...

Section 487.3321 - Savings Bank; Stock Ledger; Designation of Transfer Agent or Registrar of Shares; List to Be Furnished Upon Request. - Sec. 321. (1) A stock savings bank shall keep and...

Section 487.3322 - Savings Bank; Election of Directors; Vacancy; Bylaws; Meetings; Chief Executive Officer; Minutes; Quorum; Notice of Meeting. - Sec. 322. (1) A savings bank shall be managed by...

Section 487.3323 - Oath. - Sec. 323. Each director prior to taking office shall take...

Section 487.3324 - Purchase or Sale of Securities by Director; Conditions. - Sec. 324. (1) A savings bank may contract for, or...

Section 487.3325 - Director or Officer of Savings Bank; Discharge of Duties; Violation; Removal; Vote. - Sec. 325. (1) A director or an officer of a...

Section 487.3326 - Indemnification of Party. - Sec. 326. (1) A savings bank may indemnify a person...

Section 487.3327 - Indemnification of Director, Officer, Employee, or Agent. - Sec. 327. (1) To the extent that a director, officer,...

Section 487.3328 - Payment or Reimbursement of Expenses Incurred in Civil or Criminal Action, Suit, or Proceeding. - Sec. 328. A savings bank may pay or reimburse the...

Section 487.3329 - Rights to Indemnification. - Sec. 329. (1) The indemnification or advancement of expenses provided...

Section 487.3330 - Insurance; Trust Fund. - Sec. 330. (1) A savings bank has the power to...

Section 487.3330a - Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Depository Institution. - Sec. 330a. For purposes of this section and sections 326,...

Section 487.3331 - Articles of Incorporation; Amendment. - Sec. 331. (1) With the approval of the commissioner and...

Section 487.3332 - Definitions; Best Interests of Savings Bank, Shareholders, or Members. - Sec. 332. (1) As used in sections 325 to 331:...

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 Commissioner; Publication of Notice; Filing and Forwardin... - Sec. 333. (1) A solvent savings bank may go into...

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. - Sec. 334. (1) Except as provided in subsection (2), a...

Section 487.3335 - Savings Bank; Expiration of Term by Limitation; Extension; Renewal. - Sec. 335. (1) A savings bank whose term will expire...

Section 487.3336 - Sale or Purchase of Assets; Consideration; Purpose; Filing Certified Copies of Proceedings; Liability; Maintenance of Principal Office or Branches. - Sec. 336. (1) With the approval of the commissioner, based...

Section 487.3337 - Sale or Purchase of Branches; Notice. - Sec. 337. (1) A savings bank may sell 1 or...

Section 487.3338 - Unlimited Amounts or Share of Deposits. - Sec. 338. There shall be no limit upon the amount...

Section 487.3339 - Compliance Review Committee; Construction of Section. - Sec. 339. (1) A compliance review committee shall evaluate and...