Section 487.13909 – Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Absorbed Depository Institution.
487.13909 Consolidation or merger; position of director, officer, employee, or agent of absorbed depository institution. Sec. 3909. For purposes of this section and sections 3904, 3905, 3906, 3907, 3908, and 3910, a person who is or was a director, officer, employee, or agent of a depository institution absorbed in a consolidation or merger or is […]
Section 487.13910 – Definitions; Person Acting in Best Interests of Bank or Shareholders.
487.13910 Definitions; person acting in best interests of bank or shareholders. Sec. 3910. (1) For the purposes of sections 3904, 3905, 3906, 3907, 3908, and 3909: (a) “Fines” includes any excise taxes assessed on a person with respect to an employee benefit plan. (b) “Other enterprise” includes employee benefit plans. (c) “Serving at the request […]
Section 487.13911 – Reports.
487.13911 Reports. Sec. 3911. (1) The commissioner may require reports from any bank if, in the commissioner’s judgment, they are necessary to inform the commissioner fully as to the condition of the bank. The commissioner shall give a bank at least 30 days’ notice in writing of the date by which the report is to […]
Section 487.13912 – Attachment or Execution.
487.13912 Attachment or execution. Sec. 3912. Attachment or execution shall not be issued against a bank or its property before final judgment in any suit, action, or proceeding involving the bank in any court. History: 1999, Act 276, Eff. Mar. 1, 2000
Section 487.13913 – Action Taken or Event Occurring on or Before November 29, 1995.
487.13913 Action taken or event occurring on or before November 29, 1995. Sec. 3913. A written agreement entered into under section 130b of former 1969 PA 319 shall remain in effect with regard to actions taken and events occurring on or before November 29, 1995. A cause of action shall not accrue under an agreement […]
Section 487.13905 – Indemnification; Expenses and Amounts.
487.13905 Indemnification; expenses and amounts. Sec. 3905. (1) To the extent that a director, officer, employee, or agent of a bank has been successful on the merits or otherwise in defense of an action, suit, or proceeding described in section 3904, or in defense of a claim, issue, or matter in the action, suit, or […]
Section 487.13906 – Director, Officer, Employee, or Agent as Party to Action; Reimbursement.
487.13906 Director, officer, employee, or agent as party to action; reimbursement. Sec. 3906. A bank may pay or reimburse the reasonable expenses incurred by a director, officer, employee, or agent who is a party or threatened to be made a party to an action, suit, or proceeding described in section 3904 in advance of the […]
Section 487.13907 – Other Rights to Indemnification or Advancement; Limitation.
487.13907 Other rights to indemnification or advancement; limitation. Sec. 3907. The indemnification or advancement of expenses provided by or granted under sections 3904, 3905, and 3906 are not exclusive of other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation, the bylaws, or a contractual […]
Section 487.13908 – Liability Insurance or Trust Fund.
487.13908 Liability insurance or trust fund. Sec. 3908. A bank has the power to purchase and maintain insurance or create a trust fund or other form of funded arrangement on behalf of any person who is or was a director, officer, employee, or agent of the bank or is or was serving at the request […]
Section 487.13807 – Deficiency; Steps to Make Assessment or Dissolution; Extension.
487.13807 Deficiency; steps to make assessment or dissolution; extension. Sec. 3807. (1) If, in the opinion of the commissioner, the capital of a bank has become impaired, the commissioner shall notify the bank of his or her determination and require the directors to meet the deficiency in the capital within a 2-month period. The directors […]