Sec. 415.
(1) Notwithstanding section 1105 of the uniform commercial code, Act No. 174 of the Public Acts of 1962, being section 440.1105 of the Michigan Compiled Laws, a savings bank doing business in this state, that has 1 or more branch offices in any foreign country shall be liable for contracts to be performed at any branch offices and for deposits to be repaid at the branch offices to no greater extent than a savings bank, banking corporation, or other organization or association for banking purposes organized and existing under the laws of the foreign country would be liable under its laws. The laws of the foreign country for the purpose of this section shall be considered to include all acts, decrees, regulations, and orders promulgated or enforced by an authority asserting governmental, military, or police power of any kind at the place where any branch office is located, whether or not the dominant authority is recognized as a de facto or de jure government.
(2) Notwithstanding section 1105 of Act No. 174 of the Public Acts of 1962, if by action of a dominant authority that is not recognized by the United States as the de jure government of the foreign territory concerned, any property situated in or any amount to be received in the foreign territory and carried as an asset of any branch office of the savings bank in the foreign territory is seized, destroyed, or canceled, then the liability of the savings bank for any deposit received and to be repaid by it, and for any contract made and to be performed by it, at any branch office in the foreign territory shall be reduced pro tanto by the proportion that the value, as shown by the books or other records of the savings bank at the time of the seizure, destruction, or cancellation of the assets bears to the aggregate of all the deposit and contract liabilities of the branch offices of the savings bank in the foreign territory, as shown at such time by the books or other records of the savings bank.
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)
354-1996-4 - Chapter 4 Powers (487.3401...487.3436)
Section 487.3401 - Savings Bank; Powers.
Section 487.3404 - Purchase of Stock, or Loans To, Michigan Business Development Corporation.
Section 487.3406 - “Investment Security” and “Secretary” Defined; Purchase of Investment Securities.
Section 487.3408 - Services Performed by Savings Bank.
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 487.3415 - Savings Bank With Branch Offices in Foreign Country.
Section 487.3417 - Savings Bank With Branch in Another State.
Section 487.3418 - Loan Production Offices.
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 487.3424 - Fiduciary Powers; Considerations.
Section 487.3425 - Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001.
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.