2006 Michigan Compiled Laws - 307-1980-9

SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980 Article 9

Document	Description
Section 491.900	Number and classes of shares issued by stock association; par value; voting, dividend, liquidation, and other right, preference, and limitation; denial or limitation of rights; distinguishing shares of each class; equality of shares.
Section 491.902	Convertible shares or securities; issuance; approval; increasing shares to satisfy conversion privileges; reservation of unissued shares; consideration; cancellation of converted shares; reduction of shares.
Section 491.904	Subscription for shares; enforceability; subscription irrevocable; exception; contract to purchase shares as subscription agreement.
Section 491.906	Subscription for shares; payment; call for payment ratable; retention of shares as security.
Section 491.908	Default in payment under subscription agreement; powers of stock association; rights and duties cumulative; limiting and adding to rights and remedies.
Section 491.910	Rescission of subscription; effect.
Section 491.912	Consideration for issuance of shares; payment; rights and privileges; conclusive judgment of value.
Section 491.914	Consideration for shares issued in exchange or conversion; determination.
Section 491.916	Obligation of member; liability of member as assignee, transferee, or pledgee of subscription for shares.
Section 491.918	Rights and options; creation; issuance; consideration for shares purchased under rights and options; terms and conditions; rights or options issued as incentive to service.
Section 491.920	Certificate representing shares; signatures of officers; seal; contents.
Section 491.922	Lost or destroyed certificate; issuance of new certificate; bond.
Section 491.924	Issuance of fractions of share; purpose; issuance of scrip; form; signature; exchangeability; rights; conditions; sale or purchase of additional scrip; payment in cash of fair value of fractions of share.
Section 491.926	Merger or acquisition; allocation of capital in excess of par to retained earnings; limitation on aggregate retained earnings.
Section 491.928	Transactions with respect to share of capital stock; purchase of shares on order and for account of customer; loan on security of association's own shares; association as purchaser or holder of own shares; purchase or redemption of shares of preferred stock.
Section 491.930	Cancellation of reacquired shares; restoration to status of authorized but unissued shares; amendment of articles of incorporation reducing number of authorized shares; reduction of stated capital.
Section 491.932	Determination of amount or availability of retained earnings; computation; merger or combination of associations; limitation on amount of retained earnings; transfer of part of retained earnings to capital in excess of par; application of capital in excess of par to reduction or elimination of deficit in retained earnings account; disclosure; reserves.
Section 491.934	Voting class of voting securities; limit; notice of proposed acquisition; notice of disapproval of proposed acquisition; hearing; furnishing information to supervisor; grounds for disapproval of proposed acquisition.

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