Section 487.13711 – Branch Services.
487.13711 Branch services. Sec. 3711. (1) A bank may establish and operate a branch or branches within any state, the District of Columbia, a territory or protectorate of the United States, or a foreign country, unless the commissioner objects in writing within 30 days after receipt of a written notice from the bank of its […]
Section 487.13712 – Discontinuing Branch Operations; Transfer of Functions to Principal Office.
487.13712 Discontinuing branch operations; transfer of functions to principal office. Sec. 3712. (1) If a bank or foreign bank permanently discontinues the operations of any branch, foreign bank agency, or foreign bank branch, all functions of the branch, foreign bank agency, or foreign bank branch shall be considered transferable to, and treated as a part […]
Section 487.13713 – Principal Office; Relocation.
487.13713 Principal office; relocation. Sec. 3713. (1) Upon prior written notice to the commissioner, a bank may change the location of its principal office to any existing branch location of the bank within this state. (2) Unless the commissioner objects in writing within 60 days after receipt of written notice from the bank of its […]
Section 487.13714 – Branch Office in Foreign Country; Applicable Provisions.
487.13714 Branch office in foreign country; applicable provisions. Sec. 3714. Notwithstanding section 1105 of the uniform commercial code, both of the following apply: (a) A bank which has 1 or more branch offices in a foreign country shall be liable for contracts to be performed and for deposits to be repaid at any branch office […]
Section 487.13708 – Conversion of Bank Into Stock Association, Stock Savings Bank, or National Banking Association.
487.13708 Conversion of bank into stock association, stock savings bank, or national banking association. Sec. 3708. (1) Upon the affirmative vote of the shareholders representing more than 50% of the total number of shares of each class of its outstanding capital stock, a bank may be converted under the laws of this state into a […]
Section 487.13709 – Conversion of Depository Institution.
487.13709 Conversion of depository institution. Sec. 3709. (1) With the approval of the commissioner and upon the affirmative vote of the shareholders representing more than 50% of the total number of shares of each class of its outstanding capital stock, a national banking association, stock association, or stock savings bank doing business in this state […]
Section 487.13710 – Effect of Conversion.
487.13710 Effect of conversion. Sec. 3710. If a conversion becomes effective under section 3708 or 3709, all of the following shall apply: (a) The converted organization shall be considered a continuation of the body corporate of the converting organization. (b) The title to all property, real or personal, including any rights that may be attached […]
Section 487.13701 – Consolidated Bank; Formation.
487.13701 Consolidated bank; formation. Sec. 3701. (1) Subject to approval by the commissioner, a bank may consolidate with any number of consolidating organizations to form a consolidated bank. (2) The approval of the commissioner shall be based on an examination or other appropriate analysis of each consolidating organization and the agreement of consolidation. A consolidation […]
Section 487.13702 – Consolidated Organization.
487.13702 Consolidated organization. Sec. 3702. On an interstate basis, a bank may consolidate with any number of consolidating organizations to form a consolidated organization in accordance with the laws under which the consolidated organization is chartered, if all of the following apply: (a) Consolidation is permitted by the laws under which each consolidating organization is […]
Section 487.13703 – Consolidated Bank; Rights, Privileges, and Powers.
487.13703 Consolidated bank; rights, privileges, and powers. Sec. 3703. (1) If approval and certification of the consolidation agreement as required by section 3701 have been completed, the corporate existence of each consolidating organization is merged into and continued in the consolidated bank. To the extent authorized by this act, the consolidated bank possesses all the […]