Sec. 507.
Notwithstanding any other provision of law, the board of directors of a savings bank, with the approval of the commissioner, may regulate and prescribe the terms, conditions, bylaws, and rules under which deposits, other funds and assets may be received, conserved, paid out, withdrawn, or otherwise disposed of whenever in the opinion of the commissioner an emergency exists in the affairs of a savings bank and the action is advisable to conserve, safeguard, and protect depositors, borrowers, deposits, moneys, funds, assets, and the business of the savings bank and all parties in interest, including the public.
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Section 487.3514 - Repealed. 2005, Act 192, Imd.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.