Michigan Compiled Laws 276-1999-3-8 Part 8 Capital (487.13801...487.13808)

• Section 487.13801 Issuance Of Capital Notes, Debentures, Or Other Instrument Of Indebtedness.
  (1) A bank, with the approval of shareholders owning 2/3 of the stock of the bank entitled to vote, may issue capital notes, debentures,...
• Section 487.13802 Issuance Of Shares; Number; Classes; Designations.
  (1) A bank may issue the number of shares authorized in its articles of incorporation. The shares may be all of 1 class or...
• Section 487.13803 Stock Certificates.
  (1) Except as provided in subsection (2), the shares of a bank shall be represented by certificates of stock that shall be issued to...
• Section 487.13804 Capital Stock; Increase.
  (1) By a vote of shareholders owning 2/3 of each class of the stock entitled to vote, a bank may amend its articles to...
• Section 487.13805 Capital Stock; Reduction.
  (1) By a vote of shareholders owning 2/3 of the bank's stock entitled to vote, a bank may reduce its capital stock. The reduction...
• Section 487.13806 Dividends.
  (1) From time to time, the board of directors of a bank may declare and pay dividends on the common stock of the bank...
• Section 487.13807 Deficiency; Steps To Make Assessment Or Dissolution; Extension.
  (1) If, in the opinion of the commissioner, the capital of a bank has become impaired, the commissioner shall notify the bank of his...
• Section 487.13808 Distribution Of Sale Proceeds; Issuance Of New Certificates; Effect Of Uniform Commercial Code.
  (1) If, 30 days after notice as provided in section 3807, a shareholder has refused or neglected to pay an assessment levied on the...

Last modified: October 10, 2016