Michigan Compiled Laws 354-1996-6 Chapter 6 Receiverships And Conservatorships (487.3601...487.3608)

• Section 487.3601 Receiver; Appointment.
  (1) If a savings bank has refused to pay its deposits or obligations in accordance with the terms under which the deposits or obligations...
• Section 487.3602 Receiver; Powers; Report To Commissioner.
  (1) Subject to court approval, a receiver may do any of the following: (a) Take possession of the books, records, and assets of the...
• Section 487.3603 Procedures For Liquidation; Limitation.
  The full and exclusive procedures for the liquidation of a savings bank under this act shall be the procedures prescribed in this act and...
• Section 487.3604 Rights Of Depositors And Creditors Of Closed Savings Bank.
  (1) If a savings bank has been closed and placed in receivership, and the federal deposit insurance corporation pays or makes available for payment...
• Section 487.3605 Conservator; Appointment; Powers; Duties.
  (1) If any of the grounds set forth in section 601 authorizing the appointment of a receiver exist or whenever the commissioner considers it...
• Section 487.3606 Affairs Of Savings Bank Turned Back To Board Of Directors; Notice.
  (1) After 15 days from the date upon which the affairs of a savings bank have been turned back to its board of directors...
• Section 487.3607 Orders Or Declaratory Rulings As To Receivers And Conservators; Compensation And Expenses To Reimburse Bureau.
  (1) The commissioner may issue orders or declaratory rulings he or she considers necessary in order to carry out the provisions of this chapter...
• Section 487.3608 Reorganization Of Savings Bank.
  (1) In a reorganization of a savings bank under a plan of a kind that requires the consent of depositors and other creditors or...

Last modified: October 10, 2016