2006 Michigan Compiled Laws - CHAPTER 4 POWERS (487.3401...487.3434)

SAVINGS BANK ACT (EXCERPT)
Act 354 of 1996 Chapter 4
POWERS

Document	Description
Section 487.3401	Savings bank; powers.
Section 487.3402	Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect.
Section 487.3403	Purchase of corporation stock by savings bank; limitation on aggregate investments.
Section 487.3404	Purchase of stock, or loans to, Michigan business development corporation.
Section 487.3405	Venture capital investments; "professional investor" and "venture capital" defined.
Section 487.3406	"Investment security" and "secretary" defined; purchase of investment securities.
Section 487.3407	Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank.
Section 487.3408	Services performed by savings bank.
Section 487.3409	Savings bank engaged in real estate brokerage business; notice of licensure or ownership; prohibited acts; disclosure to credit applicant; violation of section; orders; limitation.
Section 487.3410	Investment in service entities.
Section 487.3411	Powers granted in §§ 487.3401 and 487.3403 construed.
Section 487.3412	Change in location of principal office.
Section 487.3413	Transactions relating to capital stock of corporation; authorization; purchase and sale of securities and stock; loan or discount; purchase or holding of own stock.
Section 487.3414	Savings bank possessing capital and surplus more than $1,000,000.00; powers; application; savings bank operating foreign branches; restrictions and limitations; further powers.
Section 487.3415	Savings bank with branch offices in foreign country.
Section 487.3416	Savings bank as owner or lessor of personal property; lease payments as rent; taxes; prohibition.
Section 487.3417	Savings bank with branch in another state.
Section 487.3418	Loan production offices.
Section 487.3419	Purchase or assumption of national or state chartered bank, savings bank, or association; operation as new branch.
Section 487.3420	Discontinuing operations of branch or agency office; transfer of functions.
Section 487.3421	Trust powers; conditions, limitations, and restrictions.
Section 487.3422	Definitions; trust service agreements.
Section 487.3423	Separation of trust department business from commercial bank business; commingled and consolidated funds; limitation; lien on securities in event of savings bank failure.
Section 487.3424	Fiduciary powers; considerations.
Section 487.3425	Repealed. 2000, Act 482, Imd. Eff. Jan. 11, 2001.
Section 487.3426	Fund or property held by savings bank as fiduciary; investments; "registered investment company" defined; funds considered as held in fiduciary capacity.
Section 487.3427	Enforcement of §§ 487.3421 to 487.3426; orders or declaratory rulings.
Section 487.3428	Safe deposit and storage department.
Section 487.3429	Lease, purchase, holding, and conveyance of real estate.
Section 487.3430	Interest and charges on loans and credit extensions.
Section 487.3431	Drafts or bills of exchange.
Section 487.3432	Loans and extensions of credit and leases; limitations; exceptions; definitions.
Section 487.3433	Loans and extensions of credit; exceptions to limitations.
Section 487.3434	Capital and surplus; limitations.

Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.