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 […]
Section 487.13808 – Distribution of Sale Proceeds; Issuance of New Certificates; Effect of Uniform Commercial Code.
487.13808 Distribution of sale proceeds; issuance of new certificates; effect of uniform commercial code. Sec. 3808. (1) If, 30 days after notice as provided in section 3807, a shareholder has refused or neglected to pay an assessment levied on the shares held by the shareholder, the directors may sell any or all of the shareholder’s […]
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 487.13711 – 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 487.13801 – Issuance of Capital Notes, Debentures, or Other Instrument of Indebtedness.
487.13801 Issuance of capital notes, debentures, or other instrument of indebtedness. Sec. 3801. (1) A bank, with the approval of shareholders owning 2/3 of the stock of the bank entitled to vote, may issue capital notes, debentures, and any other instrument of indebtedness, with or without warrants for preferred or common stock, convertible and nonconvertible, […]