reglab/housing_qa huggingface dataset:
MI Comp L § 487.3335 (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 487.3335 - Savings Bank; Expiration of Term by Limitation; Extension; Renewal.

487.3335 Savings bank; expiration of term by limitation; extension; renewal. Sec. 335.  (1) A savings bank whose term will expire by limitation, at any time preceding the expiration of such term, by amendment of its articles, may extend its corporate term for a limited period of time or in perpetuity.  (2) A savings bank whose term has expired, but which has not been wound up or dissolved and which has nevertheless inadvertently continued its active business beyond such term, may renew its corporate existence by amendment of its articles with the consent of at least 2/3 of its members or the holders of at least 2/3 of the outstanding shares. The officers and directors de facto shall do and perform all things required of officers and directors de jure as respects calling a special meeting of the shareholders and submitting to them the question of renewing the corporate existence.  (3) A savings bank de facto shall not be permitted to renew its corporate life unless the action is taken within 3 years after its term has expired and renewal does not relieve the savings bank from any penalties that may have accrued against it under any law of this state.  (4) A savings bank whose term has been extended or renewed shall be the same savings bank and have the same members, shareholders, directors, and officers, enjoy all the rights, privileges, immunities, and powers, and be subject to all the liabilities that it respectively possessed and was subject to before the extension or renewal of its existence. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3336 (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 487.3336 - Sale or Purchase of Assets; Consideration; Purpose; Filing Certified Copies of Proceedings; Liability; Maintenance of Principal Office or Branches.

487.3336 Sale or purchase of assets; consideration; purpose; filing certified copies of proceedings; liability; maintenance of principal office or branches. Sec. 336.  (1) With the approval of the commissioner, based upon an examination or other appropriate analysis of either the buying or selling organization, or both, and upon the affirmative vote of a majority of the members of its board of directors and 2/3 of its members or the holders of 2/3 of its stock entitled to vote, a savings bank may do either or both of the following:  (a) Sell all or substantially all of its assets of every kind, character, and description and assign its liabilities to any depository institution.  (b) Purchase all or substantially all of the assets of every kind, character, and description and assume the liabilities of another depository institution.  (2) The consideration for a purchase and sale under this section may include shares of stock of the purchasing bank, out-of-state bank, national bank, association, or savings bank.  (3) A purchase and sale shall not be made to defeat or defraud any of the creditors of the depository institutions.  (4) Certified copies of all shareholders' and directors' proceedings under this section shall be submitted to the commissioner and shall contain the terms of the sale and purchase, including a copy of the agreement of sale and purchase.  (5) The liability of a depository institution or of its shareholders, directors, or officers, or the rights of creditors of, or other persons transacting business with, the depository institution shall not be lessened or impaired as the result of a sale of assets under this section.  (6) Notwithstanding any other provision of this act, a savings bank that purchases or assumes all or substantially all of the assets or liabilities of a depository institution may retain, maintain, and operate the principal office or branches of the depository institution as branches of the purchasing savings bank without providing notice to the commissioner provided it assumes the deposit liabilities of the depository institution maintained at the principal office or branches. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3337 (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 487.3337 - Sale or Purchase of Branches; Notice.

487.3337 Sale or purchase of branches; notice. Sec. 337.  (1) A savings bank may sell 1 or more of its branches to a bank, out-of-state bank, national bank, association, or savings bank located in a state whose laws would permit a savings bank to purchase 1 or more branches in that state of the purchasing depository institution.  (2) A savings bank may purchase 1 or more branches, without purchasing all or substantially all of the depository institution, from a bank, out-of-state bank, national bank, association, or savings bank.  (3) A savings bank that purchases 1 or more branches under subsection (2) shall provide notice as required under section 417 before operating the purchased branch or branches. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3338 (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 487.3338 - Unlimited Amounts or Share of Deposits.

487.3338 Unlimited amounts or share of deposits. Sec. 338.  There shall be no limit upon the amount or share of deposits held or controlled in this state by any savings bank or holding company on a consolidated basis. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3339 (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 487.3339 - Compliance Review Committee; Construction of Section.

487.3339 Compliance review committee; construction of section. Sec. 339.  (1) A compliance review committee shall evaluate and seek to improve all of the following:  (a) Loan policies or underwriting standards.  (b) Asset quality.  (c) Financial reporting to federal or state government or regulatory agencies.  (d) Compliance with federal or state statutory or regulatory requirements.  (2) Except as provided in subsection (3), all of the following apply to a compliance review committee:  (a) Compliance review documents are confidential and are not subject to discovery or admissible in evidence in a civil action.  (b) Individuals serving on a compliance review committee or acting under the direction of a compliance review committee shall not be required to testify in a civil action about the contents of a compliance review document or conclusions of a compliance review committee or about the actions taken by a compliance review committee.  (c) Compliance review documents delivered to individuals who are not members of the compliance review committee, or to other entities including state, federal, or foreign governmental or regulatory agencies, shall remain confidential and are not discoverable or admissible in evidence in a civil action.  (3) This section does not apply to any civil action initiated by a federal or state regulatory agency.  (4) This section shall not be construed to limit the testimony that can be required about matters other than the contents of a compliance review document or conclusions or actions of a compliance review committee. This section does not limit the discovery or admissibility in a civil action of any documents other than compliance review documents. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3402 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3402 - Purchase, Design, Manufacture, Construction, Repair, Modification, or Improvement of Real Property; Use of Loan Proceeds; Liability for Defect.

487.3402 Purchase, design, manufacture, construction, repair, modification, or improvement of real property; use of loan proceeds; liability for defect. Sec. 402.  A savings bank that makes a loan the proceeds of which are used or may be used by the borrower to finance the purchase, design, manufacture, construction, repair, modification, or improvement of real property shall not be liable for any defect in the real property purchased, designed, manufactured, constructed, repaired, modified, or improved or for any loss or damage resulting from the failure of the borrower or any agent or other person employed by the borrower to use due care in the examination, design, manufacture, construction, repair, modification, or improvement of the real property. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3403 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3403 - Purchase of Corporation Stock by Savings Bank; Limitation on Aggregate Investments.

487.3403 Purchase of corporation stock by savings bank; limitation on aggregate investments. Sec. 403.  Except as otherwise provided by this act, with the approval of the commissioner, a savings bank may purchase the shares of stock of any corporation whose primary purpose is to provide capital to banks largely owned or controlled by individuals classified as racial minorities. All such investments in the aggregate shall not exceed an amount equal to 2% of the capital and surplus of the savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3404 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3404 - Purchase of Stock, or Loans To, Michigan Business Development Corporation.

487.3404 Purchase of stock, or loans to, Michigan business development corporation. Sec. 404.  Except as otherwise provided by this act or in its articles of incorporation, a savings bank may purchase the shares of stock of, or make loans to, the Michigan business development corporation. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3405 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3405 - Venture Capital Investments; “Professional Investor” and “Venture Capital” Defined.

487.3405 Venture capital investments; “professional investor” and “venture capital” defined. Sec. 405.  (1) Except as otherwise provided by this act and in its articles of incorporation, a savings bank may make venture capital investments, or may invest in equity securities of a professional investor a majority of whose assets consist of venture capital investments.  (2) If a savings bank makes a venture capital investment under subsection (1), an officer or director of the savings bank shall not hold an equity position in the financed company, and the savings bank shall not invest more than 50% of the company.  (3) A savings bank's investment under subsection (1) in any 1 entity shall not exceed an amount equal to 5% of the capital and surplus of the savings bank, and all investments under subsection (1) shall not exceed an amount equal to 10% of the capital and surplus of the savings bank.  (4) This section does not limit the authority of a savings bank to exercise lending or investment powers which are otherwise authorized by law.  (5) As used in this section:  (a) "Professional investor" means an investment company registered under the investment company act of 1940, title I of chapter 686, 54 Stat. 789, 15 U.S.C. 80a-1 to 80a-64, a pension or profit sharing trust or other institutional buyer, or a person, partnership, or other entity a majority of whose resources are dedicated to investing in equity or debt securities and whose net worth exceeds $500,000.00 prior to the savings bank's investment.  (b) "Venture capital" means equity financing that is provided for starting up or expanding a company, or related purposes such as financing for seed capital, research and development, introduction of a product or process into the marketplace, or similar needs requiring risk capital. A venture capital investment shall not include the purchase of a share of stock in a company if, on the date on which the share of stock is purchased, the company has securities outstanding that are registered on a national securities exchange under section 12(b) of title I of the securities exchange act of 1934, chapter 404, 48 Stat. 892, 15 U.S.C. 78(l), that are registered or required to be registered under section 12(g) of that act, or which would be required to be so registered except for the exemptions in section 12(g)(2) of that act. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3407 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3407 - Acquisition, Development, or Improvement of Real Estate; Limitation on Investment of Assets; Powers of Savings Bank.

487.3407 Acquisition, development, or improvement of real estate; limitation on investment of assets; powers of savings bank. Sec. 407.  A savings bank may invest not more than 10% of its total assets in the acquisition and development of real estate for sale, or for the improvement of real estate by construction or rehabilitation of residential or commercial units for sale or rental purposes. For purposes of this section, a savings bank may purchase, take, lease as lessee, or otherwise acquire, and own, hold, use, sell, lease as lessor, pledge, grant a security interest in, convey, or otherwise dispose of real estate. The investment by a savings bank may be direct or indirect as a stockholder in a corporation, member of a limited liability company, or limited partner in a partnership or limited liability partnership. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3408 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3408 - Services Performed by Savings Bank.

487.3408 Services performed by savings bank. Sec. 408.  A savings bank may perform 1 or more of the following services, and any other services 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 and retirement benefit plans for those officers and employees.  (b) Service mortgages and land contracts.  (c) Originate and service mortgage loans, mortgages, and land contracts, on behalf of financial institutions, corporations, and state or federal agencies or instrumentalities.  (d) Act as escrow agent or depository for other escrow agents or fiduciaries.  (e) Credit analysis, appraising, construction loan inspection, and abstracting.  (f) Research, studies, and surveys.  (g) Develop and operate storage facilities for microfilm or other duplicate records.  (h) Advertising, brokerage, and other services to procure and retain both deposits and loans, but not pooling deposits or soliciting or promoting pooled deposits.  (i) Liquidity management, investment, advisory, and consulting services.  (j) Establish, own, lease, operate, or maintain electronic funds transfer terminals.  (k) Purchase office supplies, furniture, and equipment.  (l) Prepare local, state, and federal tax returns for individuals or organizations that are not corporations operated for profit.  (m) Data processing services.  (n) Subject to applicable state or federal law, provide brokerage services for the offer, sale, or purchase of a security or commodity contract. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3411 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3411 - Powers Granted in MCL 487.3401 and 487.3403 Construed.

487.3411 Powers granted in MCL 487.3401 and 487.3403 construed. Sec. 411.  The powers granted in sections 401 and 403 shall not be construed as limiting any grant of authority made elsewhere by this act except as provided in section 401. Except as otherwise provided in this act or in the articles or in the bylaws, such powers shall be exercised by the board of directors of the savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3412 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3412 - Change in Location of Principal Office.

487.3412 Change in location of principal office. Sec. 412.  (1) Upon prior written notice to the commissioner, a savings bank may change the location of its principal office to any existing branch location of the savings bank within this state.  (2) Unless the commissioner objects in writing within 60 days after receipt of written notice from the savings bank of its intent to relocate its principal office, a savings bank may change the location of its principal office to any other location within this state which is not an existing branch location of the savings bank. The commissioner may issue a written statement of intent not to object at any time before expiration of the 60 days. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3413 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3413 - Transactions Relating to Capital Stock of Corporation; Authorization; Purchase and Sale of Securities and Stock; Loan or Discount; Purchase or Holding of Own Stock.

487.3413 Transactions relating to capital stock of corporation; authorization; purchase and sale of securities and stock; loan or discount; purchase or holding of own stock. Sec. 413.  (1) A savings bank shall not engage in any transaction with respect to shares of the capital stock of any corporation unless specifically authorized by this act or by the commissioner under section 401 or 410.  (2) A savings bank may purchase and sell securities and stock upon the order of and for the account of a customer without recourse.  (3) A savings bank shall not make any loan or discount on the security of the shares of its own capital stock, unless the security is necessary to prevent loss upon a debt previously contracted in good faith.  (4) A savings bank may purchase or hold shares of its own stock if any of the following apply:  (a) The savings bank is holding shares previously purchased until disposed of in compliance with an existing stock option plan.  (b) The purchase or holding of the shares is necessary to prevent loss upon a debt previously contracted in good faith.  (c) The commissioner gives written approval to the savings bank to purchase or hold shares for its own account. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3415 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3415 - Savings Bank With Branch Offices in Foreign Country.

487.3415 Savings bank with branch offices in foreign country. Sec. 415.  (1) Notwithstanding section 1105 of the uniform commercial code, Act No. 174 of the Public Acts of 1962, being section 440.1105 of the Michigan Compiled Laws, a savings bank doing business in this state, that has 1 or more branch offices in any foreign country shall be liable for contracts to be performed at any branch offices and for deposits to be repaid at the branch offices to no greater extent than a savings bank, banking corporation, or other organization or association for banking purposes organized and existing under the laws of the foreign country would be liable under its laws. The laws of the foreign country for the purpose of this section shall be considered to include all acts, decrees, regulations, and orders promulgated or enforced by an authority asserting governmental, military, or police power of any kind at the place where any branch office is located, whether or not the dominant authority is recognized as a de facto or de jure government.  (2) Notwithstanding section 1105 of Act No. 174 of the Public Acts of 1962, if by action of a dominant authority that is not recognized by the United States as the de jure government of the foreign territory concerned, any property situated in or any amount to be received in the foreign territory and carried as an asset of any branch office of the savings bank in the foreign territory is seized, destroyed, or canceled, then the liability of the savings bank for any deposit received and to be repaid by it, and for any contract made and to be performed by it, at any branch office in the foreign territory shall be reduced pro tanto by the proportion that the value, as shown by the books or other records of the savings bank at the time of the seizure, destruction, or cancellation of the assets bears to the aggregate of all the deposit and contract liabilities of the branch offices of the savings bank in the foreign territory, as shown at such time by the books or other records of the savings bank. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3416 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 354 of 1996 - Savings Bank Act (487.3101 - 487.3804)|354-1996-4 - Chapter 4 Powers (487.3401...487.3436)|Section 487.3416 - Savings Bank as Owner or Lessor of Personal Property; Lease Payments as Rent; Taxes; Prohibition.

487.3416 Savings bank as owner or lessor of personal property; lease payments as rent; taxes; prohibition. Sec. 416.  (1) A savings bank may become the owner or lessor of personal property for the purpose of leasing the property or obtaining an assignment of a lessor's interest in a lease of the property or permitting the use of the property, and may incur additional obligations as may be incident to becoming an owner or lessor of such property.  (2) Lease payments shall constitute rent rather than interest.  (3) This section shall not exempt from general property taxation any personal property of a savings bank which is leased, loaned, or otherwise made available to and used by a private individual, association, or corporation in connection with a business conducted for profit. The personal property shall be subject to taxation in the same amount and to the same extent as though the lessee or user were the owner of the property. Taxes shall be assessed to the lessees or users of the property and collected in the same manner as taxes assessed to owners of personal property, except that the taxes shall not become a lien against the property. When due, the taxes shall constitute a debt due from the lessee or user to the unit of government for which the taxes were assessed.  (4) A savings bank shall not acquire personal property under this section if the acquisition results in an inventory of personal property not leased in excess of 20% of the savings bank's capital and surplus. History: 1996, Act 354, Imd. Eff. July 1, 1996