Sec. 607.
(1) The commissioner may issue orders or declaratory rulings he or she considers necessary in order to carry out the provisions of this chapter as to receivers and conservators.
(2) All compensation and expenses allowed to reimburse the bureau when a bank examiner acts as receiver or conservator and all expenses for state supervision of receiverships and conservatorships under this act shall be turned over to the state treasurer and credited to a revolving fund to be held for the bureau to reimburse the bureau in connection with the provisions of this act with respect to receivers and conservators of savings banks.
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.