Michigan Compiled Laws
354-1996-4 - Chapter 4 Powers (487.3401...487.3436)
Section 487.3419 - Purchase or Assumption of National or State Chartered Bank, Savings Bank, or Association; Operation as New Branch.

Sec. 419.
Notwithstanding any other provision of this act, a savings bank that purchases or assumes all or substantially all of the assets or liabilities of an eligible insured national or state chartered bank, savings bank, or association may retain and maintain the main premises, branches, or agency offices of the former national bank, state chartered bank, or association as branches of the purchasing savings bank, provided it assumes the deposit liabilities of the eligible national bank, state chartered bank, savings bank, or association maintained at the main premises, branches, or agency offices. The notice required by section 417(1) shall be given for each main premises, branch, or agency office the purchasing savings bank intends to operate as a new branch.
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)

354-1996-4 - 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.