Sec. 306.
(1) Within 30 days after the approval and filing of its articles of incorporation, or such later time not to exceed 1 year as approved by the commissioner, the savings bank shall notify the commissioner that all of its capital and surplus has been fully paid in and that it has complied with all the provisions of this act required to be complied with before a savings bank shall be authorized to commence business.
(2) The commissioner shall make such examinations as he or she deems necessary to verify the same and if it appears that the savings bank is lawfully entitled to commence business, the commissioner, within 30 days after receiving the notice under this section, shall give to the savings bank a certificate under the official seal of the bureau that the savings bank has complied with all of the required provisions and is authorized to commence business.
(3) The application shall be deemed abandoned and of no further effect if the savings bank fails to furnish the notice required by this section within the specified time or fails to comply with the required provisions within such period of time as the commissioner determines.
(4) The first meeting of every savings bank shall be called by a notice signed by any incorporator designating the time and place of the meeting and stating the purpose for which the meeting is called. The notice shall be served on all the incorporators at least 5 days before the date set for the meeting. If all the incorporators are present at the meeting or in writing waive notice, then no notice shall be required for the first meeting.
History: 1996, Act 354, Imd. Eff. July 1, 1996
Structure 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 487.3303 - Organization of Savings Bank to Serve Depository Institutions; Application.
Section 487.3304 - Organizational Expenses; Reimbursement; Review.
Section 487.3305 - Articles of Incorporation.
Section 487.3308 - 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 487.3319 - Savings Bank; Meetings; Voting.
Section 487.3320 - Savings Bank; Meeting Notice.
Section 487.3324 - Purchase or Sale of Securities by Director; Conditions.
Section 487.3326 - Indemnification of Party.
Section 487.3327 - Indemnification of Director, Officer, Employee, or Agent.
Section 487.3329 - Rights to Indemnification.
Section 487.3330 - Insurance; Trust Fund.
Section 487.3331 - Articles of Incorporation; Amendment.
Section 487.3332 - Definitions; Best Interests of Savings Bank, Shareholders, or Members.
Section 487.3335 - Savings Bank; Expiration of Term by Limitation; Extension; Renewal.
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.