reglab/housing_qa huggingface dataset:
MI Comp L § 487.3302a (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3302a - Organization of Branch by Out-of-State Savings Bank; Proof of Federal Insurance on Deposits; Determination of Compliance; Certificate of Organization and Eligibility to Accept Deposits and Investments of Public Funds.

487.3302a Organization of branch by out-of-state savings bank; proof of federal insurance on deposits; determination of compliance; certificate of organization and eligibility to accept deposits and investments of public funds. Sec. 302a.  (1) An out-of-state savings bank may apply to organize a branch in this state under this act by providing to the commissioner proof that its deposits are insured by an agency of the United States government.  (2) If the commissioner determines after receipt of the proof required under subsection (1) that the out-of-state savings bank is safe and sound, that the out-of-state savings bank is subject to regulation, that there exists an agreement for exchange of supervisory information between the bureau and the out-of-state savings bank regulator, and that the out-of-state savings bank has otherwise complied with this act, the commissioner shall provide to the out-of-state savings bank a certificate of organization and eligibility to accept deposits and investments of public funds of the state and local units of government. History: Add. 1997, Act 50, Imd. Eff. June 30, 1997
MI Comp L § 487.3303 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3303 - Organization of Savings Bank to Serve Depository Institutions; Application.

487.3303 Organization of savings bank to serve depository institutions; application. Sec. 303.  (1) Any number of depository institutions may apply to organize a savings bank exclusively to serve depository institutions or their officers, directors, employees, and affiliates.  (2) Any number of depository institutions may apply to organize a savings bank to engage exclusively in providing trust services and other services as may be authorized by order or declaratory ruling of the commissioner.  (3) A depository institution may apply to the commissioner for permission to organize a savings bank under this section. The application shall be in the form prescribed by the commissioner and set forth the information the commissioner requires.  (4) The commissioner shall examine the information contained in the application and make any other investigation the commissioner considers necessary pertaining to the organization of the new savings bank. The commissioner shall issue to the applicants, within the time period provided in section 214, written notice of approval or disapproval of the application.  (5) Except as otherwise provided by rule, a savings bank organized under this section is not subject to the provisions of section 302, but shall comply with all other provisions of this act.  (6) The shares of stock of a stock savings bank organized under this section shall be owned exclusively by depository institutions.  (7) As used in this section, "applicant" means the depository institutions making an application under this section. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3304 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3304 - Organizational Expenses; Reimbursement; Review.

487.3304 Organizational expenses; reimbursement; review. Sec. 304.  (1) Following the date authorized by the commissioner for the savings bank to commence business, the savings bank may reimburse the organizers for reasonable and necessary organizational expenses. Any reimbursement under this section shall be predicated upon an accounting of the organizational expenses by an independent certified public accountant which shall be prepared in accordance with generally accepted accounting principles.  (2) The commissioner may review the accounting of the organizational expenses and may order the organizers to restore any sums that were reimbursed for other than reasonable and necessary expenses. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3305 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3305 - Articles of Incorporation.

487.3305 Articles of incorporation. Sec. 305.  (1) Upon approval of the application, at least 2 original articles of incorporation executed by a majority of the applicants shall be submitted to the commissioner. If the commissioner finds that the articles conform to law and that all fees and charges have been paid as required by law, he or she shall approve and file 1 of the original articles in his or her office and certify and forward 1 of the original articles to the incorporators.  (2) As a condition for approving, certifying, and distributing the articles of incorporation, the incorporators shall furnish evidence that a firm commitment to insure deposit accounts up to the maximum permitted by federal law has been issued by the federal deposit insurance corporation, unless the commissioner, for good cause shown, waives the requirement to furnish the evidence.  (3) The articles of incorporation shall provide all of the following information:  (a) The name of the savings bank. The name shall not be similar to the name of any other savings bank transacting business in this state that would cause confusion.  (b) The county and the city, incorporated village, or township where the principal office of the savings bank is to be located and conduct its business.  (c) The purpose or purposes of incorporation as provided in this act.  (d) The authorized number of shares of common and preferred stock for a stock savings bank and 1 of the following:  (i) If the savings bank is to be authorized to issue only 1 class of stock, the par value of the shares.  (ii) If the savings bank is to be authorized to issue more than 1 class of stock, the number of shares of each class, the par value of each class, and a statement of all designations, powers, preferences, rights, qualifications, limitations, and restrictions of each class.  (e) The names, places of residence, and addresses of the incorporators and the number of shares subscribed for each incorporator.  (f) The period for which the savings bank is organized, which may be in perpetuity.  (g) Any other provisions consistent with the business of banking and for the conduct of the affairs of the savings bank.  (4) If the commissioner approves and files the articles of incorporation under this act, the savings bank shall become a body corporate. A savings bank shall not transact any business, except as is incidental and necessary to its organization, until it has been authorized by the commissioner to commence business.  (5) Except shareholders, members, officers, and directors of a savings bank, a person dealing with a savings bank organized under this act shall not be charged with constructive notice of the contents of any articles or papers by reason of a filing required under this act. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3306 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3306 - Authorization to Commence Business; Conditions; Verification; Certificate With Official Seal; Application Deemed Abandoned and No Effect; First Meeting.

487.3306 Authorization to commence business; conditions; verification; certificate with official seal; application deemed abandoned and no effect; first meeting. Sec. 306.  (1) Within 30 days after the approval and filing of its articles of incorporation, or such later time not to exceed 1 year as approved by the commissioner, the savings bank shall notify the commissioner that all of its capital and surplus has been fully paid in and that it has complied with all the provisions of this act required to be complied with before a savings bank shall be authorized to commence business.  (2) The commissioner shall make such examinations as he or she deems necessary to verify the same and if it appears that the savings bank is lawfully entitled to commence business, the commissioner, within 30 days after receiving the notice under this section, shall give to the savings bank a certificate under the official seal of the bureau that the savings bank has complied with all of the required provisions and is authorized to commence business.  (3) The application shall be deemed abandoned and of no further effect if the savings bank fails to furnish the notice required by this section within the specified time or fails to comply with the required provisions within such period of time as the commissioner determines.  (4) The first meeting of every savings bank shall be called by a notice signed by any incorporator designating the time and place of the meeting and stating the purpose for which the meeting is called. The notice shall be served on all the incorporators at least 5 days before the date set for the meeting. If all the incorporators are present at the meeting or in writing waive notice, then no notice shall be required for the first meeting. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3307 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3307 - Required Capital; Applicability of Section to Consolidated Organization; Authorization of Stock Savings Bank or Mutual Savings Bank to Commence Business; Total Capital; Maintenance of Surplus Amount.

487.3307 Required capital; applicability of section to consolidated organization; authorization of stock savings bank or mutual savings bank to commence business; total capital; maintenance of surplus amount. Sec. 307.  (1) A stock savings bank organized under this act shall have capital in an amount as the commissioner considers adequate.  (2) This section does not apply if the new stock savings bank is organized under section 706 for the sole purpose of effecting its consolidation or merger with an existing bank or association having its principal office in the same city or village as the new stock savings bank and if upon completion of the consolidation or merger a bank holding company becomes the owner of all of the outstanding voting shares of the consolidated organization. This section does apply to the consolidated organization.  (3) A stock savings bank shall not be authorized to commence business until it has surplus of at least 20% of its capital.  (4) A mutual savings bank shall not be authorized to commence business until:  (a) An aggregate minimum dollar amount and number of savings accounts shall be subscribed for and paid in cash, as determined by the commissioner.  (b) The commissioner shall have received confirmation from the federal deposit insurance corporation that the accounts of the mutual savings bank will be insured by the federal deposit insurance corporation.  (5) After organization each savings bank shall maintain adequate total capital for the conduct of its business and the protection of its depositors. The total capital of a savings bank shall be analyzed and appraised in relation to the character of its management, the liquidity of assets, history of earnings and of the retention of earnings, the potential volatility of the deposit structure, its risk management, and the savings bank's capacity to furnish the broadest service to the public.  (6) At all times a stock savings bank shall maintain surplus in an amount which is equal to at least the amount of its capital, except as provided in subsection (3) as to the initial surplus and except as provided in section 316 and shall not reduce surplus without the approval of the commissioner. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3308 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3308 - Stock Savings Bank; Stock Issuance.

487.3308 Stock savings bank; stock issuance. Sec. 308.  A stock savings bank may issue shares of common stock and preferred stock that may be divided into classes and the classes into series. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3309 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3309 - Mutual Savings Bank; Membership.

487.3309 Mutual savings bank; membership. Sec. 309.  The membership of a mutual savings bank shall consist solely of every depositor or holder of a deposit account issued by the savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3310 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3310 - Issuance of Capital Notes, Debentures, and Other Indebtedness.

487.3310 Issuance of capital notes, debentures, and other indebtedness. Sec. 310.  (1) A savings bank, with the approval of shareholders owning 2/3 of the stock of a stock savings bank who are entitled to vote, or with the approval of 2/3 of the members of a mutual savings bank who are 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, subordinated on insolvency, liquidation, or dissolution to all obligations except obligations to shareholders or members, in such amounts and under such terms and conditions as are approved by the commissioner on the basis of normal business considerations.  (2) In connection with the issuance of convertible capital notes, debentures, or any other instrument of indebtedness, the commissioner may grant approval for the savings bank to reserve a number of authorized and unissued shares of capital stock as required for issuance in exchange for capital notes and debentures with respect to which conversion privileges exist.  (3) If capital notes, debentures, or any other instrument of indebtedness are converted into shares of common or preferred stock, a verified certificate executed by the president of the savings bank stating the amount of the conversion, and any other information with respect to the conversion as the commissioner may require, shall be filed in the office of the commissioner.  (4) Outstanding capital notes, debentures, and any other instrument of indebtedness issued under this section shall be added to "capital" and "capital stock" as the terms are used in sections 428, 429, and 432 to 434, for the purpose of computing the limitations contained in those sections based on amounts of capital and capital stock. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3311 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3311 - Applicability of Provisions to Voting Stock.

487.3311 Applicability of provisions to voting stock. Sec. 311.  Whenever a vote of the holders of shares of stock is required by this act, those provisions shall apply only to the voting stock of the savings bank, bank, out-of-state bank, national bank, or association. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3312 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3312 - Issuance of Stock by Mutual Savings Bank; Conversion.

487.3312 Issuance of stock by mutual savings bank; conversion. Sec. 312.  Upon application and approval of the commissioner, a mutual savings bank may amend its articles of incorporation to authorize the issuance of stock and may issue stock. Conversion shall be accomplished in accordance with section 715. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3314 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3314 - Increase in Capital Stock.

487.3314 Increase in capital stock. Sec. 314.  (1) By a vote of shareholders owning 2/3 of each class of the stock entitled to vote, a savings 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 authorization of new stock.  (2) An increase in capital shall not be valid until the whole amount of the increase has been paid in, notice of the payment signed by an officer of the savings bank has been transmitted to the commissioner, and the commissioner's certificate of approval has been obtained specifying the amount of the increase in capital and that it has been duly paid in as a part of the capital of the savings bank. The certificate shall be conclusive evidence that the stock has been duly and validly issued.  (3) In the case of the issuance of new stock, in voting upon the increase of capital stock, 2/3 of the shareholders entitled to vote shall have power to fix the value of, and the price at which the stock shall be subscribed and paid for by the shareholders, but not less than par, as well as the time and manner of the subscription and payment, and to authorize the directors to sell the stock.  (4) Notwithstanding this section, a savings bank, with the approval of the commissioner and by a vote of shareholders owning 2/3 of each class of the stock entitled to vote, for the stated purpose of providing stock options for 1 or more employees or directors, may increase its capital stock in an aggregate par value amount not to exceed at any 1 time 5% of the par value of its then outstanding common stock. The additional stock, when duly authorized, may be issued by the savings bank from time to time for this purpose but for no other purpose, as options are exercised and payment for the stock is received, free from any preemptive rights to subscribe for stock. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3315 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3315 - Reduction in Capital Stock.

487.3315 Reduction in capital stock. Sec. 315.  (1) By a vote of shareholders owning 2/3 of the stock entitled to vote of the savings bank, a savings bank may reduce its capital stock to an amount not less than that required by this act to authorize the formation of the savings bank. 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 the stock. A reduction shall not be made until the amount of the proposed reduction has been reported to and approved by the commissioner.  (2) The approval of the commissioner shall be based upon a finding by him or her that the security of existing creditors of the savings bank will not be impaired by the proposed reduction. This section does not discharge a savings bank that has decreased its capital stock from an obligation or demand that is due from the savings bank.  (3) Retirement of preferred stock under the articles of incorporation is not considered to be a reduction of capital under this section.  (4) A shareholder is not entitled to a distribution of cash or other assets by reason of a reduction of the capital of a savings bank unless the distribution has been approved by the commissioner and by the affirmative vote of at least 2/3 of the shares of each class of stock outstanding, voting as classes. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3316 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-3 - Chapter 3 Corporate Structure (487.3301...487.3339)|Section 487.3316 - Declaration and Payment of Dividends.

487.3316 Declaration and payment of dividends. Sec. 316.  (1) The board of directors of a savings bank may declare and pay dividends on the common stock of the savings bank subject to the following restrictions:  (a) A cash dividend or dividend in kind shall not be declared or paid unless the savings bank will have a surplus amounting to not less than 20% of its capital after the payment of the dividend.  (b) A cash dividend or dividend in kind shall not be declared by any savings bank except out of net income then on hand after deducting all bad debts. Unless the debts are well secured and in process of collection or the debts constitute claims against solvent estates in probate, debts due the savings bank on which interest is past due and unpaid for a period of 6 months shall be considered bad debts under this section.  (c) A cash dividend or dividend in kind shall not be declared or paid until the cumulative dividends on preferred stock, if any, have been paid in full or preferred shareholders have waived their right to receive dividends.  (d) If the surplus of a savings bank is less than the amount of its capital, before the declaration of a cash dividend or dividend in kind, it shall transfer to surplus not less than 10% of its net income of the preceding half-year in the case of quarterly or semiannual dividends, or not less than 10% of its net income of the preceding 2 consecutive half-year periods in the case of annual dividends. For the purpose of this section, an amount transferred to a fund for the retirement of preferred stock of the savings bank out of its net income for the periods is considered to be additions to its surplus, if upon the retirement of the preferred stock the amounts credited into the retirement fund may then properly be carried to surplus. The savings bank is obligated to credit to surplus the amounts transferred into the retirement fund on account of the preferred stock as the stock is retired.  (e) Notwithstanding the limitations of this section, a savings bank with the approval of the commissioner and by vote of shareholders owning 2/3 of the stock entitled to vote may increase its capital stock by declaration of a stock dividend on the capital stock. After the increase the surplus of the bank shall be at least equal to 20% of the capital stock as increased.  (2) A savings bank may pay dividends on its preferred stock at a rate as may be applicable without regard to the limitations of this section.  (3) A holding company that owns common or preferred stock of a savings bank may waive its right to receive dividends and any payment in lieu of dividends.  (4) Dividends paid to shareholders under a dividend reinvestment plan shall be subject to this act regarding the payment of dividends. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001