487.3601 Receiver; appointment. Sec. 601. (1) If a savings bank has refused to pay its deposits or obligations in accordance with the terms under which the deposits or obligations were incurred, or whenever a savings bank becomes insolvent, has refused to submit its books, papers, and records for inspection by the commissioner, appears to the […]
487.3602 Receiver; powers; report to commissioner. Sec. 602. (1) Subject to court approval, a receiver may do any of the following: (a) Take possession of the books, records, and assets of the savings bank and collect all debts, dues, and claims belonging to the savings bank. (b) Sue and defend, compromise, and settle all claims […]
487.3603 Procedures for liquidation; limitation. Sec. 603. The full and exclusive procedures for the liquidation of a savings bank under this act shall be the procedures prescribed in this act and a receiver or other liquidating agent shall not be appointed for such purpose or for any savings bank or its assets and property except […]
487.3604 Rights of depositors and creditors of closed savings bank. Sec. 604. (1) If a savings bank has been closed and placed in receivership, and the federal deposit insurance corporation pays or makes available for payment the insured deposit liabilities of the closed savings bank, the corporation, whether or not it has become receiver of […]
487.3605 Conservator; appointment; powers; duties. Sec. 605. (1) If any of the grounds set forth in section 601 authorizing the appointment of a receiver exist or whenever the commissioner considers it necessary in order to conserve the assets of a savings bank for the benefit of the depositors and other creditors, the commissioner may appoint […]
487.3606 Affairs of savings bank turned back to board of directors; notice. Sec. 606. (1) After 15 days from the date upon which the affairs of a savings bank have been turned back to its board of directors by the conservator, either with or without being reorganized, the provisions of section 605(5) with respect to […]
487.3607 Orders or declaratory rulings as to receivers and conservators; compensation and expenses to reimburse bureau. Sec. 607. (1) The commissioner may issue orders or declaratory rulings he or she considers necessary in order to carry out the provisions of this chapter as to receivers and conservators. (2) All compensation and expenses allowed to reimburse […]
487.3608 Reorganization of savings bank. Sec. 608. (1) In a reorganization of a savings bank under a plan of a kind that requires the consent of depositors and other creditors or of shareholders or members or of both depositors and other creditors and shareholders or members, the reorganization shall become effective when both of the […]
