Michigan Compiled Laws
354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)
Section 487.3312 - Issuance of Stock by Mutual Savings Bank; Conversion.

Sec. 312.
Upon application and approval of the commissioner, a mutual savings bank may amend its articles of incorporation to authorize the issuance of stock and may issue stock. Conversion shall be accomplished in accordance with section 715.
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.