Michigan Compiled Laws 276-1999-3-1 Part 1 Formation (487.13101...487.13108)

• Section 487.13101 Bank Organization Generally.
  Not less than 5 natural persons, a majority of whom are residents of this state and citizens of the United States or its territories...
• Section 487.13102 Bank Organization; Application.
  (1) An application to organize a bank under this act shall be in the form prescribed by the commissioner and shall set forth information...
• Section 487.13103 Organization Of Depository Institutions Generally.
  (1) Any number of depository institutions may apply to organize a bank exclusively to serve depository institutions or their officers, directors, employees, and affiliates....
• Section 487.13104 Expenses Of Incorporators; Reimbursement.
  (1) Following the date authorized by the commissioner for the bank to commence business, a bank and its incorporators may jointly request permission from...
• Section 487.13105 Bank As Body Corporate; Authorization.
  If the commissioner approves the articles of incorporation as required by this act, the bank shall become a body corporate. A bank shall not...
• Section 487.13106 Commencement Of Business.
  (1) Within 30 days after the approval of its articles of incorporation, or a later time not to exceed 1 year as approved by...
• Section 487.13107 Organization Meeting; Notice.
  The organizational meeting of every bank shall be called by a notice designating the time and place of the meeting and stating the purpose...
• Section 487.13108 Capital Adequacy; Requirements.
  (1) A bank organized under this act shall have capital in an amount the commissioner considers adequate to conduct its business. (2) A bank...

Last modified: October 10, 2016