Sec. 705.
(1) A savings bank, an out-of-state bank, or a national bank that consolidates its operations with 1 or more banks, out-of-state banks, national banks, associations, or savings banks may operate the consolidated or acquired bank, out-of-state bank, national bank, association, or savings bank branch or branches located in this state as a branch or branches of the consolidated or acquired savings bank.
(2) A consolidated bank or consolidated organization may operate any branches and principal offices located in this state of the consolidating organizations without providing the notice required by section 417.
History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
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.