Michigan Compiled Laws 354-1996-7 Chapter 7 Consolidations, Mergers, And Conversions (487.3701...487.3715)

• Section 487.3701 Consolidated Savings Bank.
  (1) Subject to approval by the commissioner, a savings bank may consolidate with any number of consolidating organizations to form a consolidated savings bank....
• Section 487.3702 Consolidated Organization.
  487.3702 Consolidated organization. Sec. 702. A savings bank may consolidate with any number of consolidating organizations to form a consolidated organization in accordance with the...
• Section 487.3703 Consolidated Savings Bank; Rights, Interests, Privileges, Powers, Restrictions, Disabilities, Liabilities, And Duties.
  (1) When the approval and certification of the consolidation agreement as required by section 701 have been completed, the corporate existence of each consolidating...
• Section 487.3704 Consolidated Organization; Service Of Process; Prosecution.
  (1) Whether it maintains a presence in this state, a consolidated organization or any of its successors in interest are subject to service of...
• Section 487.3705 Operation Of Branches Of Consolidated Or Acquired Savings Bank.
  (1) A savings bank, an out-of-state bank, or a national bank that consolidates its operations with 1 or more banks, out-of-state banks, national banks,...
• Section 487.3706 Definitions; Consolidation.
  (1) As used in this section: (a) “Existing association” means a stock association engaged in the savings and loan business or federal savings bank...
• Section 487.3706a Definitions; Reorganization Of Existing Mutual Savings Bank To Mutual Holding Company; Requirements; Organization And Incorporation Of New Savings Bank Subsidiary; Approval.
  (1) As used in this section: (a) “Existing mutual savings bank” means a mutual savings bank engaged in the savings bank business before reorganization...
• Section 487.3707 Definitions; Terms And Conditions Of Conversion Or Exchange.
  (1) As used in this section: (a) “Consolidation agreement” means an agreement entered into among an existing bank or an existing association, a new...
• Section 487.3708 Conversion Of Savings Bank Into Stock Association Or National Banking Association; Conversion Of Mutual Savings Bank Into State Or Federal Mutual Savings And Loan Association.
  (1) Upon the affirmative vote of the majority of votes cast of each class of its outstanding capital stock, a savings bank may be...
• Section 487.3709 Conversion Of Federally Chartered Shareholder-owned Financial Institution Into Savings Bank.
  (1) With the approval of the commissioner, and upon the affirmative vote of the majority of the votes cast of each class of its...
• Section 487.3710 Conversion Of State Chartered Shareholder-owned Financial Institution Into Savings Bank.
  (1) With the approval of the commissioner, and upon the affirmative vote of the majority of the votes cast of each class of its...
• Section 487.3711 Conversion Of Member-owned Federally Chartered Financial Institution Into Mutual Savings Bank.
  (1) With the approval of the commissioner, and upon the affirmative vote of the majority of the votes cast, a mutual federal savings and...
• Section 487.3711a Conversion Of Mutual Federal Savings And Loan Association, Mutual Federal Savings Bank, Or Other Member-owned Federally Chartered Financial Institution Into Stock Savings Bank.
  (1) With the approval of the commissioner, and upon the affirmative vote of 2/3 of votes cast, a mutual federal savings and loan association,...
• Section 487.3712 Conversion Of Member-owned State Chartered Financial Institution Into Mutual Savings Bank.
  (1) With the approval of the commissioner, and upon the affirmative vote of 2/3 of the votes cast, a mutual state savings and loan...
• Section 487.3712a Conversion Of Mutual State Savings And Loan Association, Or Mutual State Savings Bank, Or Other Member-owned State Chartered Financial Institution Into Stock Savings Bank.
  (1) With the approval of the commissioner, and upon the affirmative vote of 2/3 of the votes cast, a mutual state savings and loan...
• Section 487.3713 Rights, Obligations, And Relations Of Converted And Converting Organization.
  If a conversion becomes effective under this act, all of the following shall apply: (a) The converted organization shall be considered a continuation of...
• Section 487.3714 Liability Not Impaired By Sale Of Assets, Consolidation, Or Conversion.
  The liability of any savings bank, national banking association, stock association, or federal savings bank or of the shareholders, directors, or officers thereof, or...
• Section 487.3715 Conversion Of Mutual Savings Bank To Stock Savings Bank.
  (1) A mutual savings bank may apply to convert to a stock savings bank. The application shall include a resolution of the board of...

Last modified: October 10, 2016