MCL - Index of Act 354 of 1996
NOTE: Dates reflect any modification to item, not necessarily a change in law.
Title | Subject |
---|---|
Act 354 of 1996 |
SAVINGS BANK ACT (487.3101 - 487.3804) ***** 487.3702 SUBDIVISION (a) DOES NOT APPLY AFTER MAY 31, 1997: See subdivision (a) of 487.3702 ***** |
354-1996-1 | CHAPTER 1 SHORT TITLE AND DEFINITIONS (487.3101...487.3103) |
Section 487.3101 | Short title. |
Section 487.3102 | Definitions; A to I. |
Section 487.3103 | Definitions; L to W. |
354-1996-2 | CHAPTER 2 ADMINISTRATION (487.3201...487.3226) |
Section 487.3201 | Financial institutions bureau; jurisdiction; duties of commissioner; construction of act. |
Section 487.3202 | Prohibited conduct. |
Section 487.3203 | Federal insurance of deposits required. |
Section 487.3204 | Savings bank; asset tests; loans for domestic residential housing; failure to satisfy asset tests. |
Section 487.3205 | Appointment of examiners and employees; payment of compensation, travel, and expenses. |
Section 487.3206 | Commissioner, deputy commissioner, or examiner; prohibited conduct. |
Section 487.3207 | Commissioner, deputy commissioner, or examiner; civil liability. |
Section 487.3208 | Rules, orders, and declaratory rulings. |
Section 487.3209 | Savings banks and entities subject to examination by commissioner. |
Section 487.3210 | Schedule of supervisory fees; initial supervisory fee. |
Section 487.3211 | Circuit court subpoena to appear; petition by commissioner; scope; failure to appear as contempt. |
Section 487.3212 | Privilege against self-incrimination; perjury. |
Section 487.3213 | Confidentiality; exception. |
Section 487.3214 | Application for approval; requirements; appeal. |
Section 487.3215 | Unsafe or unsound practice or violation; notice of charges; hearing; order to cease and desist; effect and enforcement; out-of-state bank branch. |
Section 487.3216 | Temporary cease and desist order; effective and enforceable; injunction to set aside, limit, or suspend order. |
Section 487.3217 | Intent by commissioner to remove director or officer from office; notice; suspension or prohibition; effective date; service of copies of notice; statement of facts; hearing; issuance of order; effect and enforcement. |
Section 487.3218 | Stay of suspension or prohibition; application to circuit court. |
Section 487.3219 | Felony charge involving dishonesty or breach of trust by director or officer; suspension or prohibition; duration; entry of conviction; order of removal from office or prohibition; service of copy; finding of not guilty or other disposition. |
Section 487.3220 | Board of directors; less than quorum. |
Section 487.3221 | Hearing; decision; review; modifying, terminating, or setting aside order; commencement of proceedings not as stay of order. |
Section 487.3222 | Notice or order; jurisdiction of court. |
Section 487.3223 | Prohibited acts; fine; limitation. |
Section 487.3224 | Service of notice; intent to issue cease and desist order; notice to governor. |
Section 487.3225 | Proceedings under MCL 487.3215, 487.3216(1), or 487.3217; notice to federal authorities of intent to institute proceedings. |
Section 487.3226 | Definitions. |
354-1996-3 | CHAPTER 3 CORPORATE STRUCTURE (487.3301...487.3339) |
Section 487.3301 | Corporation; formation; purpose. |
Section 487.3302 | Organization of savings bank; application; forms; notice; publication requirements; waiver; examination of information and statements; approval or disapproval of application. |
Section 487.3302a | Organization of branch by out-of-state savings bank; proof of federal insurance on deposits; determination of compliance; certificate of organization and eligibility to accept deposits and investments of public funds. |
Section 487.3303 | Organization of savings bank to serve depository institutions; application. |
Section 487.3304 | Organizational expenses; reimbursement; review. |
Section 487.3305 | Articles of incorporation. |
Section 487.3306 | Authorization to commence business; conditions; verification; certificate with official seal; application deemed abandoned and no effect; first meeting. |
Section 487.3307 | Required capital; applicability of section to consolidated organization; authorization of stock savings bank or mutual savings bank to commence business; total capital; maintenance of surplus amount. |
Section 487.3308 | Stock savings bank; stock issuance. |
Section 487.3309 | Mutual savings bank; membership. |
Section 487.3310 | Issuance of capital notes, debentures, and other indebtedness. |
Section 487.3311 | Applicability of provisions to voting stock. |
Section 487.3312 | Issuance of stock by mutual savings bank; conversion. |
Section 487.3313 | Issuance of certificates of stock by savings bank. |
Section 487.3314 | Increase in capital stock. |
Section 487.3315 | Reduction in capital stock. |
Section 487.3316 | Declaration and payment of dividends. |
Section 487.3317 | Mutual savings bank; meetings. |
Section 487.3318 | Records. |
Section 487.3319 | Savings bank; meetings; voting. |
Section 487.3320 | Savings bank; meeting notice. |
Section 487.3321 | Savings bank; stock ledger; designation of transfer agent or registrar of shares; list to be furnished upon request. |
Section 487.3322 | Savings bank; election of directors; vacancy; bylaws; meetings; chief executive officer; minutes; quorum; notice of meeting. |
Section 487.3323 | Oath. |
Section 487.3324 | Purchase or sale of securities by director; conditions. |
Section 487.3325 | Director or officer of savings bank; discharge of duties; violation; removal; vote. |
Section 487.3326 | Indemnification of party. |
Section 487.3327 | Indemnification of director, officer, employee, or agent. |
Section 487.3328 | Payment or reimbursement of expenses incurred in civil or criminal action, suit, or proceeding. |
Section 487.3329 | Rights to indemnification. |
Section 487.3330 | Insurance; trust fund. |
Section 487.3330a | Consolidation or merger; position of director, officer, employee, or agent of depository institution. |
Section 487.3331 | Articles of incorporation; amendment. |
Section 487.3332 | Definitions; best interests of savings bank, shareholders, or members. |
Section 487.3333 | Liquidation; notice; certificate of termination; designation of liquidating agent or committee; bond; reports; removal; appointment of new agent or committee; examination by commissioner; publication of notice; filing and forwarding certificate of termination. |
Section 487.3334 | Commencement of voluntary liquidation procedures; savings bank as body corporate; actions, suits, or proceedings begun prior to liquidation proceeding; powers of surviving directors. |
Section 487.3335 | Savings bank; expiration of term by limitation; extension; renewal. |
Section 487.3336 | Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches. |
Section 487.3337 | Sale or purchase of branches; notice. |
Section 487.3338 | Unlimited amounts or share of deposits. |
Section 487.3339 | Compliance review committee; construction of section. |
354-1996-4 | CHAPTER 4 POWERS (487.3401...487.3436) |
Section 487.3401 | Savings bank; powers. |
Section 487.3402 | Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect. |
Section 487.3403 | Purchase of corporation stock by savings bank; limitation on aggregate investments. |
Section 487.3404 | Purchase of stock, or loans to, Michigan business development corporation. |
Section 487.3405 | Venture capital investments; “professional investor” and “venture capital” defined. |
Section 487.3406 | “Investment security” and “secretary” defined; purchase of investment securities. |
Section 487.3407 | Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank. |
Section 487.3408 | Services performed by savings bank. |
Section 487.3409 | Savings bank engaged in real estate brokerage business; notice of licensure or ownership; prohibited acts; disclosure to credit applicant; violation of section; orders; limitation. |
Section 487.3410 | Investment in service entities. |
Section 487.3411 | Powers granted in MCL 487.3401 and 487.3403 construed. |
Section 487.3412 | Change in location of principal office. |
Section 487.3413 | Transactions relating to capital stock of corporation; authorization; purchase and sale of securities and stock; loan or discount; purchase or holding of own stock. |
Section 487.3414 | Savings bank possessing capital and surplus more than $1,000,000.00; powers; application; savings bank operating foreign branches; restrictions and limitations; further powers. |
Section 487.3415 | Savings bank with branch offices in foreign country. |
Section 487.3416 | Savings bank as owner or lessor of personal property; lease payments as rent; taxes; prohibition. |
Section 487.3417 | Savings bank with branch in another state. |
Section 487.3418 | Loan production offices. |
Section 487.3419 | Purchase or assumption of national or state chartered bank, savings bank, or association; operation as new branch. |
Section 487.3420 | Discontinuing operations of branch or agency office; transfer of functions. |
Section 487.3421 | Trust powers; conditions, limitations, and restrictions. |
Section 487.3422 | Definitions; trust service agreements. |
Section 487.3423 | Separation of trust department business from commercial bank business; commingled and consolidated funds; limitation; lien on securities in event of savings bank failure. |
Section 487.3424 | Fiduciary powers; considerations. |
Section 487.3425 | Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001. |
Section 487.3426 | Fund or property held by savings bank as fiduciary; investments; “registered investment company” defined; funds considered as held in fiduciary capacity. |
Section 487.3427 | Enforcement of MCL 487.3421 to 487.3426; orders or declaratory rulings. |
Section 487.3428 | Safe deposit and storage department. |
Section 487.3429 | Lease, purchase, holding, and conveyance of real estate. |
Section 487.3430 | Interest and charges on loans and credit extensions. |
Section 487.3431 | Drafts or bills of exchange. |
Section 487.3432 | Loans and extensions of credit and leases; limitations; exceptions; definitions. |
Section 487.3433 | Loans and extensions of credit; exceptions to limitations. |
Section 487.3434 | Capital and surplus; limitations. |
Section 487.3436 | Automatic teller machine located on premises of casino, casino enterprise, liquor store, or adult entertainment establishment; preventing access to cash benefits from Michigan bridge card; definitions. |
354-1996-5 | CHAPTER 5 REGULATION (487.3501...487.3514) |
Section 487.3501 | Impairment of capital. |
Section 487.3502 | Violations; liability of directors or officers. |
Section 487.3503 | Officer or employee as agent in sale of stock or securities; prohibition. |
Section 487.3504 | Receipt of consideration or gratuity prohibited. |
Section 487.3505 | Surety bonds; protection against insurable losses. |
Section 487.3506 | Reports; penalty for failure to report. |
Section 487.3507 | Regulation and prescription of terms, conditions, bylaws, and rules by board of directors. |
Section 487.3508 | Pledge of assets. |
Section 487.3509 | Deposit by savings bank; limitation. |
Section 487.3510 | Insolvency; transfer of assets null and void. |
Section 487.3511 | Property or casualty insurance as condition to mortgage loan. |
Section 487.3512 | Overdrafts. |
Section 487.3514 | Repealed. 2005, Act 192, Imd. Eff. Nov. 7, 2005. |
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. |
Section 487.3607 | Orders or declaratory rulings as to receivers and conservators; compensation and expenses to reimburse bureau. |
Section 487.3608 | Reorganization of savings bank. |
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 487.3703 | Consolidated savings bank; rights, interests, privileges, powers, restrictions, disabilities, liabilities, and duties. |
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 487.3706a | Definitions; reorganization of existing mutual savings bank to mutual holding company; requirements; organization and incorporation of new savings bank subsidiary; approval. |
Section 487.3707 | Definitions; terms and conditions of conversion or exchange. |
Section 487.3708 | Conversion of savings bank into stock association or national banking association; conversion of mutual savings bank into state or federal mutual savings and loan association. |
Section 487.3709 | Conversion of federally chartered shareholder-owned financial institution into savings bank. |
Section 487.3710 | Conversion of state chartered shareholder-owned financial institution into savings bank. |
Section 487.3711 | Conversion of member-owned federally chartered financial institution into mutual savings bank. |
Section 487.3711a | Conversion of mutual federal savings and loan association, mutual federal savings bank, or other member-owned federally chartered financial institution into stock savings bank. |
Section 487.3712 | Conversion of member-owned state chartered financial institution into mutual savings bank. |
Section 487.3712a | Conversion of mutual state savings and loan association, or mutual state savings bank, or other member-owned state chartered financial institution into stock savings bank. |
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. |
354-1996-8 | CHAPTER 8 GENERAL PROVISIONS, EXEMPTION FROM TAXATION (487.3801...487.3804) |
Section 487.3801 | Use of “bank,”“banker,” or “banking.” |
Section 487.3802 | Construction of act. |
Section 487.3803 | Effect of MCL 450.1 to 450.192. |
Section 487.3804 | Tax exemptions. |