Sec. 3506.
An officer or employee of any bank, in his or her individual capacity, shall not act as agent in the sale of stock or other securities to any person or receive directly or indirectly any consideration or commission resulting from the sale of stock or other securities by others to the bank by which he or she is employed.
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.