***** 487.3702 SUBDIVISION (a) DOES NOT APPLY AFTER MAY 31, 1997: See subdivision (a) of 487.3702 *****
Sec. 702.
A savings bank may consolidate with any number of consolidating organizations to form a consolidated organization in accordance with the laws under which the consolidated organization is chartered, if all of the following apply:
(a) Consolidation is permitted by the laws under which each consolidating organization is organized and the appropriate regulator or regulators approve the consolidation. This subdivision does not apply after May 31, 1997.
(b) The consolidating organizations provide notice to the commissioner by filing a copy of the application for consolidation within 10 days after the date the application is filed with the appropriate federal regulator.
(c) The consolidated organization complies with section 703(3) with respect to notice of consolidation, but that notice is limited to a court, public tribunal, agency, or officer of this state.
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)
354-1996-7 - Chapter 7 Consolidations, Mergers, and Conversions (487.3701...487.3715)
Section 487.3701 - Consolidated Savings Bank.
Section 487.3702 - Consolidated Organization.
Section 487.3704 - Consolidated Organization; Service of Process; Prosecution.
Section 487.3705 - Operation of Branches of Consolidated or Acquired Savings Bank.
Section 487.3706 - Definitions; Consolidation.
Section 487.3707 - Definitions; Terms and Conditions of Conversion or Exchange.
Section 487.3713 - Rights, Obligations, and Relations of Converted and Converting Organization.
Section 487.3714 - Liability Not Impaired by Sale of Assets, Consolidation, or Conversion.
Section 487.3715 - Conversion of Mutual Savings Bank to Stock Savings Bank.