Sec. 503.
An officer or employee of a savings bank, in his or her individual capacity, shall not act as agent in the sale of stock or other securities to another person, or receive directly or indirectly any consideration or commission resulting from the sale of stock or other securities by others to the savings bank of which he or she is employed, unless authorized by order or declaratory ruling of the commissioner.
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Section 487.3514 - Repealed. 2005, Act 192, Imd.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.