Michigan Compiled Laws 276-1999-3-9 Part 9 Administration (487.13901...487.13913)

• Section 487.13901 Repayment Of Deposits.
  Deposits shall be repaid to the depositor, or the depositor's lawful representatives, according to the terms of the agreement between the depositor and the...
• Section 487.13902 Compliance Review Committee.
  (1) An officer or the board of directors of a bank may appoint a compliance review committee to evaluate loan underwriting standards, asset quality,...
• Section 487.13903 Surety Bond.
  (1) The board of directors shall require every employee involved in the handling of money, accounts, or securities of the bank to be bonded...
• Section 487.13904 Indemnification.
  (1) A bank may indemnify a person described in subsection (2) who was or is a party or is threatened to be made a...
• Section 487.13905 Indemnification; Expenses And Amounts.
  (1) To the extent that a director, officer, employee, or agent of a bank has been successful on the merits or otherwise in defense...
• Section 487.13906 Director, Officer, Employee, Or Agent As Party To Action; Reimbursement.
  A bank may pay or reimburse the reasonable expenses incurred by a director, officer, employee, or agent who is a party or threatened to...
• Section 487.13907 Other Rights To Indemnification Or Advancement; Limitation.
  The indemnification or advancement of expenses provided by or granted under sections 3904, 3905, and 3906 are not exclusive of other rights to which...
• Section 487.13908 Liability Insurance Or Trust Fund.
  A bank has the power to purchase and maintain insurance or create a trust fund or other form of funded arrangement on behalf of...
• Section 487.13909 Consolidation Or Merger; Position Of Director, Officer, Employee, Or Agent Of Absorbed Depository Institution.
  For purposes of this section and sections 3904, 3905, 3906, 3907, 3908, and 3910, a person who is or was a director, officer, employee,...
• Section 487.13910 Definitions; Person Acting In Best Interests Of Bank Or Shareholders.
  (1) For the purposes of sections 3904, 3905, 3906, 3907, 3908, and 3909: (a) “Fines” includes any excise taxes assessed on a person with...
• Section 487.13911 Reports.
  (1) The commissioner may require reports from any bank if, in the commissioner's judgment, they are necessary to inform the commissioner fully as to...
• Section 487.13912 Attachment Or Execution.
  Attachment or execution shall not be issued against a bank or its property before final judgment in any suit, action, or proceeding involving the...
• Section 487.13913 Action Taken Or Event Occurring On Or Before November 29, 1995.
  A written agreement entered into under section 130b of former 1969 PA 319 shall remain in effect with regard to actions taken and events...

Last modified: October 10, 2016