Sec. 603.
The full and exclusive procedures for the liquidation of a savings bank under this act shall be the procedures prescribed in this act and a receiver or other liquidating agent shall not be appointed for such purpose or for any savings bank or its assets and property except as expressly provided in this act.
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)
354-1996-6 - Chapter 6 Receiverships and Conservatorships (487.3601...487.3608)
Section 487.3601 - Receiver; Appointment.
Section 487.3602 - Receiver; Powers; Report to Commissioner.
Section 487.3603 - Procedures for Liquidation; Limitation.
Section 487.3604 - Rights of Depositors and Creditors of Closed Savings Bank.
Section 487.3605 - Conservator; Appointment; Powers; Duties.
Section 487.3606 - Affairs of Savings Bank Turned Back to Board of Directors; Notice.