Sec. 331.
(1) With the approval of the commissioner and by vote of a majority of members or voting shares of the savings bank, a savings bank may amend its articles of incorporation in any manner not inconsistent with this act.
(2) An amendment is effective when certified copies of the amendment in a form as the commissioner may require signed by the president or a vice president and the cashier or an assistant cashier, have been submitted to the commissioner and have been approved and filed by the commissioner as with the original articles of incorporation.
(3) Notwithstanding subsection (2), an amendment that provides solely for a change in the name of the savings bank is not subject to the approval of the commissioner and shall be effective on the date it is filed with the commissioner or at a later date specified in the amendment.
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.