There is a newer version of the Michigan Compiled Laws
2010 Michigan Compiled Laws
Chapter 487 - FINANCIAL INSTITUTIONS
Act 354 of 1996 - SAVINGS BANK ACT (487.3101 - 487.3804)
354-1996-4 - CHAPTER 4 POWERS (487.3401...487.3434)
SAVINGS BANK ACT (EXCERPT)Act 354 of 1996 Chapter 4
POWERS
- 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 MCL 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 MCL 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.