2006 Michigan Compiled Laws - CHAPTER 3 CORPORATE STRUCTURE (487.3301...487.3339)

SAVINGS BANK ACT (EXCERPT)
Act 354 of 1996 Chapter 3
CORPORATE STRUCTURE

Document	Description
Section 487.3301	Corporation; formation; purpose.
Section 487.3302	Organization of savings bank; application; forms; notice; publication requirements; waiver; examination of information and statements; approval or disapproval of application.
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.
Section 487.3303	Organization of savings bank to serve depository institutions; application.
Section 487.3304	Organizational expenses; reimbursement; review.
Section 487.3305	Articles of incorporation.
Section 487.3306	Authorization to commence business; conditions; verification; certificate with official seal; application deemed abandoned and no effect; first meeting.
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.
Section 487.3308	Stock savings bank; stock issuance.
Section 487.3309	Mutual savings bank; membership.
Section 487.3310	Issuance of capital notes, debentures, and other indebtedness.
Section 487.3311	Applicability of provisions to voting stock.
Section 487.3312	Issuance of stock by mutual savings bank; conversion.
Section 487.3313	Issuance of certificates of stock by savings bank.
Section 487.3314	Increase in capital stock.
Section 487.3315	Reduction in capital stock.
Section 487.3316	Declaration and payment of dividends.
Section 487.3317	Mutual savings bank; meetings.
Section 487.3318	Records.
Section 487.3319	Savings bank; meetings; voting.
Section 487.3320	Savings bank; meeting notice.
Section 487.3321	Savings bank; stock ledger; designation of transfer agent or registrar of shares; list to be furnished upon request.
Section 487.3322	Savings bank; election of directors; vacancy; bylaws; meetings; chief executive officer; minutes; quorum; notice of meeting.
Section 487.3323	Oath.
Section 487.3324	Purchase or sale of securities by director; conditions.
Section 487.3325	Director or officer of savings bank; discharge of duties; violation; removal; vote.
Section 487.3326	Indemnification of party.
Section 487.3327	Indemnification of director, officer, employee, or agent.
Section 487.3328	Payment or reimbursement of expenses incurred in civil or criminal action, suit, or proceeding.
Section 487.3329	Rights to indemnification.
Section 487.3330	Insurance; trust fund.
Section 487.3330a	Consolidation or merger; position of director, officer, employee, or agent of depository institution.
Section 487.3331	Articles of incorporation; amendment.
Section 487.3332	Definitions; best interests of savings bank, shareholders, or members.
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.
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.
Section 487.3335	Savings bank; expiration of term by limitation; extension; renewal.
Section 487.3336	Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches.
Section 487.3337	Sale or purchase of branches; notice.
Section 487.3338	Unlimited amounts or share of deposits.
Section 487.3339	Compliance review committee; construction of section.

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