Michigan Compiled Laws
354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)
Section 487.3304 - Organizational Expenses; Reimbursement; Review.

Sec. 304.
(1) Following the date authorized by the commissioner for the savings bank to commence business, the savings bank may reimburse the organizers for reasonable and necessary organizational expenses. Any reimbursement under this section shall be predicated upon an accounting of the organizational expenses by an independent certified public accountant which shall be prepared in accordance with generally accepted accounting principles.
(2) The commissioner may review the accounting of the organizational expenses and may order the organizers to restore any sums that were reimbursed for other than reasonable and necessary expenses.
History: 1996, Act 354, Imd. Eff. July 1, 1996

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Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 487 - Financial Institutions

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.

Section 487.3302 - Organization of Savings Bank; Application; Forms; Notice; Publication Requirements; Waiver; Examination of Information and Statements; Approval or Disapproval of Application.

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.

Section 487.3303 - Organization of Savings Bank to Serve Depository Institutions; Application.

Section 487.3304 - Organizational Expenses; Reimbursement; Review.

Section 487.3305 - Articles of Incorporation.

Section 487.3306 - Authorization to Commence Business; Conditions; Verification; Certificate With Official Seal; Application Deemed Abandoned and No Effect; First Meeting.

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.

Section 487.3308 - Stock Savings Bank; Stock Issuance.

Section 487.3309 - Mutual Savings Bank; Membership.

Section 487.3310 - Issuance of Capital Notes, Debentures, and Other Indebtedness.

Section 487.3311 - Applicability of Provisions to Voting Stock.

Section 487.3312 - Issuance of Stock by Mutual Savings Bank; Conversion.

Section 487.3313 - Issuance of Certificates of Stock by Savings Bank.

Section 487.3314 - Increase in Capital Stock.

Section 487.3315 - Reduction in Capital Stock.

Section 487.3316 - Declaration and Payment of Dividends.

Section 487.3317 - Mutual Savings Bank; Meetings.

Section 487.3318 - Records.

Section 487.3319 - Savings Bank; Meetings; Voting.

Section 487.3320 - Savings Bank; Meeting Notice.

Section 487.3321 - Savings Bank; Stock Ledger; Designation of Transfer Agent or Registrar of Shares; List to Be Furnished Upon Request.

Section 487.3322 - Savings Bank; Election of Directors; Vacancy; Bylaws; Meetings; Chief Executive Officer; Minutes; Quorum; Notice of Meeting.

Section 487.3323 - Oath.

Section 487.3324 - Purchase or Sale of Securities by Director; Conditions.

Section 487.3325 - Director or Officer of Savings Bank; Discharge of Duties; Violation; Removal; Vote.

Section 487.3326 - Indemnification of Party.

Section 487.3327 - Indemnification of Director, Officer, Employee, or Agent.

Section 487.3328 - Payment or Reimbursement of Expenses Incurred in Civil or Criminal Action, Suit, or Proceeding.

Section 487.3329 - Rights to Indemnification.

Section 487.3330 - Insurance; Trust Fund.

Section 487.3330a - Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Depository Institution.

Section 487.3331 - Articles of Incorporation; Amendment.

Section 487.3332 - Definitions; Best Interests of Savings Bank, Shareholders, or Members.

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...

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.

Section 487.3335 - Savings Bank; Expiration of Term by Limitation; Extension; Renewal.

Section 487.3336 - Sale or Purchase of Assets; Consideration; Purpose; Filing Certified Copies of Proceedings; Liability; Maintenance of Principal Office or Branches.

Section 487.3337 - Sale or Purchase of Branches; Notice.

Section 487.3338 - Unlimited Amounts or Share of Deposits.

Section 487.3339 - Compliance Review Committee; Construction of Section.