Sec. 3502.
Every director when elected or appointed shall take and subscribe an oath that he or she will diligently and honestly perform the duties of the office and will not knowingly violate, or permit to be violated, any provisions of this act. The oath shall be transmitted to the commissioner for filing.
History: 1999, Act 276, Eff. Mar. 1, 2000
Structure Michigan Compiled Laws
Chapter 487 - Financial Institutions
Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)
276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)
276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)
Section 487.13501 - Board of Directors; Election; Appointment of Officers; Meetings.
Section 487.13502 - Board of Directors; Oath.
Section 487.13503 - Sale or Purchase of Securities or Property.
Section 487.13505 - Removal of Director.
Section 487.13506 - Sale of Stock or Securities; Officer or Employee as Agent Prohibited.
Section 487.13507 - Procurement of Loan; Receipt of Gratuity or Consideration Prohibited.