Sec. 704.
(1) Whether it maintains a presence in this state, a consolidated organization or any of its successors in interest are subject to service of process in a proceeding in this state for enforcement of any obligation incurred in this state by a consolidating organization that is or was a party to a consolidation.
(2) An action or proceeding by or against a consolidating organization in a court or any other public tribunal of this state may be prosecuted to judgment, as if consolidation had not taken place or the consolidated organization may be substituted in the place of any consolidating organization whose existence has ceased.
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.