Termination of Authority to Operate State Agency or State Foreign Bank Branch - Mich. Comp. Laws Section 487.15103
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Michigan Laws > Financial Institutions > Termination of Authority to Operate State Agency or State Foreign Bank Branch - Mich. Comp. Laws Section 487.15103
487.15103 Termination of authority to operate state agency or state foreign bank branch.
Sec. 5103.
Authority to operate a state agency, state foreign bank branch, or foreign bank representative office shall terminate upon dissolution of the foreign bank, or the commissioner's revocation of the foreign bank's authority to operate in this state. Upon termination of the authority to operate a state agency or state foreign bank branch, the commissioner shall become agent for the foreign bank for service of process and shall exercise the same powers, including the right to appoint a receiver, over the assets and liabilities of the state agency or state foreign bank branch as are permitted over a state chartered bank in liquidation or dissolution under sections 2401 to 2410 and 3301 to 3307.
History: 1999, Act 276, Eff. Mar. 1, 2000
Section: 487.14306 487.14307 487.14308 487.14309 487.14310 487.14401 487.14402 487.14403 487.14404 487.14405 487.15101 487.15102 487.15103 487.15104 487.15105
Last modified: March 17, 2013
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