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 487.13701 – 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 […]
Section 487.13704 – Service of Process.
487.13704 Service of process. Sec. 3704. (1) Whether it maintains a presence in this state, a consolidated organization or any of its successors in interest is subject to service of process in a proceeding in this state for enforcement of any obligation incurred in this state by any consolidating organization that is or was a […]
Section 487.13705 – Notice of Operation.
487.13705 Notice of operation. Sec. 3705. (1) A consolidated bank or consolidated organization may operate all branches and principal offices located in this state of the consolidating organizations without providing the notice required by section 3711(1). (2) A bank, out-of-state bank, national bank, association, or savings bank operating a branch in this state as the […]
Section 487.13706 – Definitions; Applicable Provisions.
487.13706 Definitions; applicable provisions. Sec. 3706. (1) As used in this section: (a) “Existing bank” means a bank engaged in the business of banking before the consolidation provided in this section. (b) “New bank” means a bank not engaged in the business of banking before the consolidation provided in this section. (c) “Existing association” means […]