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 487.13908 – Liability Insurance or Trust Fund.
487.13908 Liability insurance or trust fund. Sec. 3908. A bank has the power to purchase and maintain insurance or create a trust fund or other form of funded arrangement on behalf of any person who is or was a director, officer, employee, or agent of the bank or is or was serving at the request […]
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 […]
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 487.13711 – 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 […]