Section 487.14104 – Real Estate Brokerage.
487.14104 Real estate brokerage. Sec. 4104. (1) A bank may engage directly in, or own in whole or in part, a real estate brokerage business as provided under article 25 of the occupational code, 1980 PA 299, MCL 339.2501 to 339.2518. (2) A bank that engages directly in the real estate brokerage business or owns […]
Section 487.14105 – Permitted Services or Activities.
487.14105 Permitted services or activities. Sec. 4105. A bank may perform for others 1 or more of the following services or activities, and any other services or activities permitted by order or declaratory ruling of the commissioner: (a) Provide life, health, and casualty insurance for officers and employees of financial institutions and operate bonus plans […]
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 487.13904 – 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 […]