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 487.13901 – Repayment of Deposits.
487.13901 Repayment of deposits. Sec. 3901. Deposits shall be repaid to the depositor, or the depositor’s lawful representatives, according to the terms of the agreement between the depositor and the bank. History: 1999, Act 276, Eff. Mar. 1, 2000
Section 487.13902 – Compliance Review Committee.
487.13902 Compliance review committee. Sec. 3902. (1) An officer or the board of directors of a bank may appoint a compliance review committee to evaluate loan underwriting standards, asset quality, financial reporting to federal or state regulatory agencies, compliance with the bank’s policies, compliance with federal or state statutory or regulatory requirements, or other related […]
Section 487.13903 – Surety Bond.
487.13903 Surety bond. Sec. 3903. (1) The board of directors shall require every employee involved in the handling of money, accounts, or securities of the bank to be bonded by a surety company authorized to do business in this state in an amount determined by the board. The bank shall pay for any surety bonds […]
Section 487.13904 – Indemnification.
487.13904 Indemnification. Sec. 3904. (1) A bank may indemnify a person described in subsection (2) who was or is a party or is threatened to be made a party to any type of threatened, pending, or completed action, suit, or proceeding, other than an action by or in the right of the bank, against expenses, […]
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 […]