Michigan Compiled Laws 354-1996-3 Chapter 3 Corporate Structure (487.3301...487.3339)

• Section 487.3301 Corporation; Formation; Purpose.
  A corporation may be formed by 1 or more persons in accordance with the laws of this state for the purpose of conducting a...
• Section 487.3302 Organization Of Savings Bank; Application; Forms; Notice; Publication Requirements; Waiver; Examination Of Information And Statements; Approval Or Disapproval Of Application.
  (1) A person shall apply to the commissioner for permission to organize a savings bank under this act. The application shall be on forms...
• Section 487.3302a Organization Of Branch By Out-of-state Savings Bank; Proof Of Federal Insurance On Deposits; Determination Of Compliance; Certificate Of Organization And Eligibility To Accept Deposits And Investments Of Public Funds.
  (1) An out-of-state savings bank may apply to organize a branch in this state under this act by providing to the commissioner proof that...
• Section 487.3303 Organization Of Savings Bank To Serve Depository Institutions; Application.
  (1) Any number of depository institutions may apply to organize a savings bank exclusively to serve depository institutions or their officers, directors, employees, and...
• Section 487.3304 Organizational Expenses; Reimbursement; Review.
  (1) Following the date authorized by the commissioner for the savings bank to commence business, the savings bank may reimburse the organizers for reasonable...
• Section 487.3305 Articles Of Incorporation.
  (1) Upon approval of the application, at least 2 original articles of incorporation executed by a majority of the applicants shall be submitted to...
• Section 487.3306 Authorization To Commence Business; Conditions; Verification; Certificate With Official Seal; Application Deemed Abandoned And No Effect; First Meeting.
  (1) Within 30 days after the approval and filing of its articles of incorporation, or such later time not to exceed 1 year as...
• Section 487.3307 Required Capital; Applicability Of Section To Consolidated Organization; Authorization Of Stock Savings Bank Or Mutual Savings Bank To Commence Business; Total Capital; Maintenance Of Surplus Amount.
  (1) A stock savings bank organized under this act shall have capital in an amount as the commissioner considers adequate. (2) This section does...
• Section 487.3308 Stock Savings Bank; Stock Issuance.
  A stock savings bank may issue shares of common stock and preferred stock that may be divided into classes and the classes into series....
• Section 487.3309 Mutual Savings Bank; Membership.
  The membership of a mutual savings bank shall consist solely of every depositor or holder of a deposit account issued by the savings bank....
• Section 487.3310 Issuance Of Capital Notes, Debentures, And Other Indebtedness.
  (1) A savings bank, with the approval of shareholders owning 2/3 of the stock of a stock savings bank who are entitled to vote,...
• Section 487.3311 Applicability Of Provisions To Voting Stock.
  Whenever a vote of the holders of shares of stock is required by this act, those provisions shall apply only to the voting stock...
• Section 487.3312 Issuance Of Stock By Mutual Savings Bank; Conversion.
  Upon application and approval of the commissioner, a mutual savings bank may amend its articles of incorporation to authorize the issuance of stock and...
• Section 487.3313 Issuance Of Certificates Of Stock By Savings Bank.
  (1) Except as provided in subsection (2), the shares of a savings bank shall be represented by certificates of stock that shall be issued...
• Section 487.3314 Increase In Capital Stock.
  (1) By a vote of shareholders owning 2/3 of each class of the stock entitled to vote, a savings bank may amend its articles...
• Section 487.3315 Reduction In Capital Stock.
  (1) By a vote of shareholders owning 2/3 of the stock entitled to vote of the savings bank, a savings bank may reduce its...
• Section 487.3316 Declaration And Payment Of Dividends.
  (1) The board of directors of a savings bank may declare and pay dividends on the common stock of the savings bank subject to...
• Section 487.3317 Mutual Savings Bank; Meetings.
  (1) An annual meeting of the members of a mutual savings bank shall be held at a time and place designated by or in...
• Section 487.3318 Records.
  (1) Each savings bank shall keep correct and complete books and records of accounts. (2) Each mutual savings bank shall maintain membership records which...
• Section 487.3319 Savings Bank; Meetings; Voting.
  (1) The annual meeting of the shareholders of every stock savings bank shall be held at a time and place designated by or in...
• Section 487.3320 Savings Bank; Meeting Notice.
  The commissioner may call a meeting of the members or shareholders of a savings bank for any purpose by giving a notice of the...
• Section 487.3321 Savings Bank; Stock Ledger; Designation Of Transfer Agent Or Registrar Of Shares; List To Be Furnished Upon Request.
  (1) A stock savings bank shall keep and maintain a stock ledger in which shall be correctly entered the name and address of each...
• Section 487.3322 Savings Bank; Election Of Directors; Vacancy; Bylaws; Meetings; Chief Executive Officer; Minutes; Quorum; Notice Of Meeting.
  (1) A savings bank shall be managed by a board of not less than 5 nor more than 25 directors who shall be elected...
• Section 487.3323 Oath.
  Each director prior to taking office shall take and subscribe an oath that he or she will diligently and honestly perform his or her...
• Section 487.3324 Purchase Or Sale Of Securities By Director; Conditions.
  (1) A savings bank may contract for, or purchase from, any of its directors, or from any person of which any of the savings...
• Section 487.3325 Director Or Officer Of Savings Bank; Discharge Of Duties; Violation; Removal; Vote.
  (1) A director or an officer of a savings bank shall discharge the duties of his or her position in good faith and with...
• Section 487.3326 Indemnification Of Party.
  (1) A savings bank may indemnify a person who was or is a party or is threatened to be made a party to a...
• Section 487.3327 Indemnification Of Director, Officer, Employee, Or Agent.
  (1) To the extent that a director, officer, employee, or agent of a savings bank has been successful on the merits or otherwise in...
• Section 487.3328 Payment Or Reimbursement Of Expenses Incurred In Civil Or Criminal Action, Suit, Or Proceeding.
  A savings bank may pay or reimburse the reasonable expenses incurred by a director, officer, employee, or agent who is a party or threatened...
• Section 487.3329 Rights To Indemnification.
  (1) The indemnification or advancement of expenses provided by or granted under this act is not exclusive of other rights to which a person...
• Section 487.3330 Insurance; Trust Fund.
  (1) A savings bank has the power to purchase and maintain insurance, including insurance issued by an affiliated insurer and insurance for which premiums...
• Section 487.3330a Consolidation Or Merger; Position Of Director, Officer, Employee, Or Agent Of Depository Institution.
  For purposes of this section and sections 326, 327, 328, 329, 330, and 332, a person who is or was a director, officer, employee,...
• Section 487.3331 Articles Of Incorporation; Amendment.
  (1) With the approval of the commissioner and by vote of a majority of members or voting shares of the savings bank, a savings...
• Section 487.3332 Definitions; Best Interests Of Savings Bank, Shareholders, Or Members.
  (1) As used in sections 325 to 331: (a) “Fines” shall include any excise taxes assessed on a person with respect to an employee...
• Section 487.3333 Liquidation; Notice; Certificate Of Termination; Designation Of Liquidating Agent Or Committee; Bond; Reports; Removal; Appointment Of New Agent Or Committee; Examination By Commissioner; Publication Of Notice; Filing And Forwarding Certificate Of Termination.
  (1) A solvent savings bank may go into liquidation and be closed upon expiration of its corporate charter or by the vote of a...
• Section 487.3334 Commencement Of Voluntary Liquidation Procedures; Savings Bank As Body Corporate; Actions, Suits, Or Proceedings Begun Prior To Liquidation Proceeding; Powers Of Surviving Directors.
  (1) Except as provided in subsection (2), a savings bank that commences voluntary liquidation proceedings under section 333 shall continue to be a body...
• Section 487.3335 Savings Bank; Expiration Of Term By Limitation; Extension; Renewal.
  (1) A savings bank whose term will expire by limitation, at any time preceding the expiration of such term, by amendment of its articles,...
• Section 487.3336 Sale Or Purchase Of Assets; Consideration; Purpose; Filing Certified Copies Of Proceedings; Liability; Maintenance Of Principal Office Or Branches.
  (1) With the approval of the commissioner, based upon an examination or other appropriate analysis of either the buying or selling organization, or both,...
• Section 487.3337 Sale Or Purchase Of Branches; Notice.
  (1) A savings bank may sell 1 or more of its branches to a bank, out-of-state bank, national bank, association, or savings bank located...
• Section 487.3338 Unlimited Amounts Or Share Of Deposits.
  There shall be no limit upon the amount or share of deposits held or controlled in this state by any savings bank or holding...
• Section 487.3339 Compliance Review Committee; Construction Of Section.
  (1) A compliance review committee shall evaluate and seek to improve all of the following: (a) Loan policies or underwriting standards. (b) Asset quality....

Last modified: October 10, 2016