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 […]
Section 487.13805 – Capital Stock; Reduction.
487.13805 Capital stock; reduction. Sec. 3805. (1) By a vote of shareholders owning 2/3 of the bank’s stock entitled to vote, a bank may reduce its capital stock. The reduction may be accomplished by a reduction in the par value of the existing stock or by a reduction in the number of the shares of […]
Section 487.13806 – Dividends.
487.13806 Dividends. Sec. 3806. (1) From time to time, the board of directors of a bank may declare and pay dividends on the common stock of the bank consistent with this section. (2) A cash dividend or dividend in kind shall not be declared or paid unless the bank will have a surplus amounting to […]
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 […]