Michigan Compiled Laws
354-1996-4 - Chapter 4 Powers (487.3401...487.3436)
Section 487.3404 - Purchase of Stock, or Loans To, Michigan Business Development Corporation.

Sec. 404.
Except as otherwise provided by this act or in its articles of incorporation, a savings bank may purchase the shares of stock of, or make loans to, the Michigan business development corporation.
History: 1996, Act 354, Imd. Eff. July 1, 1996

<< Previous
Next >>

Structure Michigan Compiled Laws

Michigan Compiled Laws

Chapter 487 - Financial Institutions

Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)

354-1996-4 - Chapter 4 Powers (487.3401...487.3436)

Section 487.3401 - Savings Bank; Powers.

Section 487.3402 - Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement of Real Property; Use of Loan Proceeds; Liability for Defect.

Section 487.3403 - Purchase of Corporation Stock by Savings Bank; Limitation on Aggregate Investments.

Section 487.3404 - Purchase of Stock, or Loans To, Michigan Business Development Corporation.

Section 487.3405 - Venture Capital Investments; “Professional Investor” and “Venture Capital” Defined.

Section 487.3406 - “Investment Security” and “Secretary” Defined; Purchase of Investment Securities.

Section 487.3407 - Acquisition, Development, or Improvement of Real Estate; Limitation on Investment of Assets; Powers of Savings Bank.

Section 487.3408 - Services Performed by Savings Bank.

Section 487.3409 - Savings Bank Engaged in Real Estate Brokerage Business; Notice of Licensure or Ownership; Prohibited Acts; Disclosure to Credit Applicant; Violation of Section; Orders; Limitation.

Section 487.3410 - Investment in Service Entities.

Section 487.3411 - Powers Granted in MCL 487.3401 and 487.3403 Construed.

Section 487.3412 - Change in Location of Principal Office.

Section 487.3413 - Transactions Relating to Capital Stock of Corporation; Authorization; Purchase and Sale of Securities and Stock; Loan or Discount; Purchase or Holding of Own Stock.

Section 487.3414 - Savings Bank Possessing Capital and Surplus More Than $1,000,000.00; Powers; Application; Savings Bank Operating Foreign Branches; Restrictions and Limitations; Further Powers.

Section 487.3415 - Savings Bank With Branch Offices in Foreign Country.

Section 487.3416 - Savings Bank as Owner or Lessor of Personal Property; Lease Payments as Rent; Taxes; Prohibition.

Section 487.3417 - Savings Bank With Branch in Another State.

Section 487.3418 - Loan Production Offices.

Section 487.3419 - Purchase or Assumption of National or State Chartered Bank, Savings Bank, or Association; Operation as New Branch.

Section 487.3420 - Discontinuing Operations of Branch or Agency Office; Transfer of Functions.

Section 487.3421 - Trust Powers; Conditions, Limitations, and Restrictions.

Section 487.3422 - Definitions; Trust Service Agreements.

Section 487.3423 - Separation of Trust Department Business From Commercial Bank Business; Commingled and Consolidated Funds; Limitation; Lien on Securities in Event of Savings Bank Failure.

Section 487.3424 - Fiduciary Powers; Considerations.

Section 487.3425 - Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001.

Section 487.3426 - Fund or Property Held by Savings Bank as Fiduciary; Investments; “Registered Investment Company” Defined; Funds Considered as Held in Fiduciary Capacity.

Section 487.3427 - Enforcement of MCL 487.3421 to 487.3426; Orders or Declaratory Rulings.

Section 487.3428 - Safe Deposit and Storage Department.

Section 487.3429 - Lease, Purchase, Holding, and Conveyance of Real Estate.

Section 487.3430 - Interest and Charges on Loans and Credit Extensions.

Section 487.3431 - Drafts or Bills of Exchange.

Section 487.3432 - Loans and Extensions of Credit and Leases; Limitations; Exceptions; Definitions.

Section 487.3433 - Loans and Extensions of Credit; Exceptions to Limitations.

Section 487.3434 - Capital and Surplus; Limitations.

Section 487.3436 - Automatic Teller Machine Located on Premises of Casino, Casino Enterprise, Liquor Store, or Adult Entertainment Establishment; Preventing Access to Cash Benefits From Michigan Bridge Card; Definitions.