Michigan Compiled Laws 276-1999-3-7 Part 7 Consolidation And Conversion (487.13701...487.13714)

• Section 487.13701 Consolidated Bank; Formation.
  (1) Subject to approval by the commissioner, a bank may consolidate with any number of consolidating organizations to form a consolidated bank. (2) The...
• Section 487.13702 Consolidated Organization.
  On an interstate basis, a bank may consolidate with any number of consolidating organizations to form a consolidated organization in accordance with the laws...
• Section 487.13703 Consolidated Bank; Rights, Privileges, And Powers.
  (1) If approval and certification of the consolidation agreement as required by section 3701 have been completed, the corporate existence of each consolidating organization...
• Section 487.13704 Service Of Process.
  (1) Whether it maintains a presence in this state, a consolidated organization or any of its successors in interest is subject to service of...
• Section 487.13705 Notice Of Operation.
  (1) A consolidated bank or consolidated organization may operate all branches and principal offices located in this state of the consolidating organizations without providing...
• Section 487.13706 Definitions; Applicable Provisions.
  (1) As used in this section: (a) “Existing bank” means a bank engaged in the business of banking before the consolidation provided in this...
• Section 487.13707 Definitions; Consolidation Agreement; Approval Of Terms And Conditions.
  (1) As used in this section: (a) “Consolidation agreement” means an agreement entered into among an existing bank, existing savings bank, or an existing...
• Section 487.13708 Conversion Of Bank Into Stock Association, Stock Savings Bank, Or National Banking Association.
  (1) Upon the affirmative vote of the shareholders representing more than 50% of the total number of shares of each class of its outstanding...
• Section 487.13709 Conversion Of Depository Institution.
  (1) With the approval of the commissioner and upon the affirmative vote of the shareholders representing more than 50% of the total number of...
• Section 487.13710 Effect Of Conversion.
  If a conversion becomes effective under section 3708 or 3709, all of the following shall apply: (a) The converted organization shall be considered a...
• Section 487.13711 Branch Services.
  (1) A bank may establish and operate a branch or branches within any state, the District of Columbia, a territory or protectorate of the...
• Section 487.13712 Discontinuing Branch Operations; Transfer Of Functions To Principal Office.
  (1) If a bank or foreign bank permanently discontinues the operations of any branch, foreign bank agency, or foreign bank branch, all functions of...
• Section 487.13713 Principal Office; Relocation.
  (1) Upon prior written notice to the commissioner, a bank may change the location of its principal office to any existing branch location of...
• Section 487.13714 Branch Office In Foreign Country; Applicable Provisions.
  Notwithstanding section 1105 of the uniform commercial code, both of the following apply: (a) A bank which has 1 or more branch offices in...

Last modified: October 10, 2016