Sec. 512.
(1) An overdraft existing for 90 days shall be charged off to the profit and loss account of the savings bank at the expiration of that time.
(2) A director or executive officer of a savings bank shall not knowingly overdraw his or her account.
(3) Unless a debt constitutes a claim against a solvent estate in probate, if the interest on a debt held by a savings bank is past due and unpaid for a period of 12 months, the savings bank shall charge off to its allowance for loan and lease losses the portion of the debt that is not well secured.
History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2009, Act 58, Imd. Eff. July 2, 2009
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Section 487.3514 - Repealed. 2005, Act 192, Imd.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.