2006 Michigan Compiled Laws - 307-1980-3

SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980 Article 3

Document	Description
Section 491.300	Application for permission to organize association; organization expenses; organizers and their appointment of agent; application as public document.
Section 491.300a	Organization of branch by foreign association; proof of federal insurance on deposits; determination of compliance; certificate of organization and eligibility to accept deposits and investments of public funds.
Section 491.302	Notice of application; written objections; supplemental data; examination and investigation; hearing oral argument; decision.
Section 491.304	Approval of application; criteria.
Section 491.306	Approval of application; notice; authorization to proceed; conditions of approval.
Section 491.308	Articles of incorporation; execution; filing; commencement of existence; expiration of approval.
Section 491.310	Articles of incorporation; contents.
Section 491.312	Surety bond; notice of payments from organizational expense fund; approval of payments; repayment of contributions and approved payments; repayment in case of liquidation; account of disbursements; restoration of improper expenditures.
Section 491.314	Organizational meeting; adoption of bylaws; appointment of officers; establishment of association; approval of bylaws.
Section 491.316	Certificate of authority to commence operations; issuance; prerequisites; notice.
Section 491.318	Failure of association to commence operations; forfeiture of existence; time extension; refunds to depositors and stock subscribers.
Section 491.320	Name of association; requirements; prohibitions.
Section 491.322	Unlawful savings and loan business or savings bank business; injunction; penalty.
Section 491.324	Amending articles of incorporation before issuance of certificate of authority; procedure; approval of other amendments; notice of meeting; voting on proposed amendments; adoption; execution, approval, and filing of certificate of amendment.
Section 491.326	Members of stock association voting as class upon proposed amendment; conditions; limitations.

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