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 […]
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 487.13714 – 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, […]
Section 487.13802 – Issuance of Shares; Number; Classes; Designations.
487.13802 Issuance of shares; number; classes; designations. Sec. 3802. (1) A bank may issue the number of shares authorized in its articles of incorporation. The shares may be all of 1 class or may be divided into 2 or more classes. Each class shall consist of shares having the designations and relative voting, distribution, dividend, […]
Section 487.13803 – Stock Certificates.
487.13803 Stock certificates. Sec. 3803. (1) Except as provided in subsection (2), the shares of a bank shall be represented by certificates of stock that shall be issued to every shareholder and transferable on the books of the bank in a manner as may be prescribed in the bylaws or articles of incorporation. A transfer […]
Section 487.13804 – Capital Stock; Increase.
487.13804 Capital stock; increase. Sec. 3804. (1) By a vote of shareholders owning 2/3 of each class of the stock entitled to vote, a bank may amend its articles to increase its capital stock to any sum approved by the commissioner, either by an increase in the par value of authorized stock or by the […]