Sec. 502.
If the directors or officers of a savings bank knowingly violate or knowingly permit any of the agents, officers, or directors of a savings bank to violate this act or rules of the commissioner made under this act, those directors or officers shall be liable in his or her personal and individual capacity for all damages that the savings bank, any shareholder, or any other person sustains in consequence of the violation. Any action to recover damages shall be brought within 3 years from the time of the violation.
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)
354-1996-5 - Chapter 5 Regulation (487.3501...487.3514)
Section 487.3501 - Impairment of Capital.
Section 487.3502 - Violations; Liability of Directors or Officers.
Section 487.3503 - Officer or Employee as Agent in Sale of Stock or Securities; Prohibition.
Section 487.3504 - Receipt of Consideration or Gratuity Prohibited.
Section 487.3505 - Surety Bonds; Protection Against Insurable Losses.
Section 487.3506 - Reports; Penalty for Failure to Report.
Section 487.3508 - Pledge of Assets.
Section 487.3509 - Deposit by Savings Bank; Limitation.
Section 487.3510 - Insolvency; Transfer of Assets Null and Void.
Section 487.3511 - Property or Casualty Insurance as Condition to Mortgage Loan.
Section 487.3512 - Overdrafts.
Section 487.3514 - Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005.