Michigan Compiled Laws 276-1999-3-5 Part 5 Officers And Directors (487.13501...487.13507)

• Section 487.13501 Board Of Directors; Election; Appointment Of Officers; Meetings.
  (1) A bank shall be managed by a board of not less than 5 nor more than 25 directors. The first board shall be...
• Section 487.13502 Board Of Directors; Oath.
  Every director when elected or appointed shall take and subscribe an oath that he or she will diligently and honestly perform the duties of...
• Section 487.13503 Sale Or Purchase Of Securities Or Property.
  (1) A bank may contract for, or purchase from, any of its directors, or from any person of which any of the bank's directors...
• Section 487.13504 Discharge Of Duties; Liability; Commencement Of Action; Violation; Statute Of Limitations.
  (1) A director or an officer of a bank shall discharge the duties of his or her position in good faith and with that...
• Section 487.13505 Removal Of Director.
  (1) The shareholders may remove 1 or more directors with or without cause unless the articles provide that directors may be removed only for...
• Section 487.13506 Sale Of Stock Or Securities; Officer Or Employee As Agent Prohibited.
  An officer or employee of any bank, in his or her individual capacity, shall not act as agent in the sale of stock or...
• Section 487.13507 Procurement Of Loan; Receipt Of Gratuity Or Consideration Prohibited.
  An officer, director, or employee of a bank shall not receive, or consent, or agree to receive from a customer of the bank any...

Last modified: October 10, 2016