reglab/housing_qa huggingface dataset:
MI Comp L § 487.13603 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-6 - Part 6 Shareholders (487.13601...487.13604)|Section 487.13603 - Names and Addresses of Shareholders; Record.

487.13603 Names and addresses of shareholders; record. Sec. 3603.  (1) A bank shall keep and maintain an accurate record of the name and address of each shareholder of the bank, the number of shares held by each, the date when the shareholders acquired the shares, and the name of the transferor.  (2) In lieu of the requirements under subsection (1), the board of directors of a bank may designate a corporation authorized by law to act as transfer agent or registrar of shares of corporations, to act as transfer agent or transfer agent and registrar of the shares of the bank, but the same corporation shall not be designed to act in both capacities at the same time.  (3) Upon demand by the commissioner, a bank shall submit to the commissioner a list containing the name and address of each shareholder of the bank together with the number of shares held by each according to its records as of the close of business on the date of issuance of the demand.  (4) Within 2 calendar weeks of any demand made for a purpose reasonably related to the requestor's interest as a shareholder or as a representative of a group of shareholders by any shareholder being the record owner of at least 5% of the issued shares of the bank or by any person representing any group who are the record owners of at least 5% of the issued shares of the bank, the bank shall prepare and furnish the requestor a list containing the name and address of each shareholder of the bank together with the number of shares held by each according to its records as of the close of business on the date of receipt of the demand. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13604 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-6 - Part 6 Shareholders (487.13601...487.13604)|Section 487.13604 - Provisions Applicable to Voting Stock.

487.13604 Provisions applicable to voting stock. Sec. 3604.  If a vote of the holders of shares of stock is required in this act, those provisions shall apply only to the voting stock in the bank, out-of-state bank, national bank, association, or savings bank, voting by classes. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13702 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|Section 487.13702 - Consolidated Organization.

487.13702 Consolidated organization. Sec. 3702.  On an interstate basis, a bank may consolidate with any number of consolidating organizations to form a consolidated organization in accordance with the laws under which the consolidated organization is chartered, if all of the following apply:  (a) Consolidation is permitted by the laws under which each consolidating organization is organized and the appropriate regulator or regulators approve the consolidation.  (b) The consolidating organizations provide notice to the commissioner by filing a copy of the application for consolidation within 10 days after the date the application is filed with the appropriate federal regulator.  (c) The consolidated organization complies with section 3703(3) with respect to notice of consolidation, but that notice is limited to a court, public tribunal, agency, or officer of this state. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13703 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|Section 487.13703 - Consolidated Bank; Rights, Privileges, and Powers.

487.13703 Consolidated bank; rights, privileges, and powers. Sec. 3703.  (1) If approval and certification of the consolidation agreement as required by section 3701 have been completed, the corporate existence of each consolidating organization is merged into and continued in the consolidated bank. To the extent authorized by this act, the consolidated bank possesses all the rights, interests, privileges, powers, and franchises and is subject to all the restrictions, disabilities, liabilities, and duties of each of the consolidating organizations. The title to all property, real, personal, and mixed, is transferred to the consolidated bank, and shall not revert or be in any way impaired by reason of this act.  (2) A consolidated bank holds and enjoys the same and all rights of property, franchises, and interests, including appointments, designations, and nominations and all other rights and interests as a fiduciary, in the same manner and to the same extent as those rights and interests were held or enjoyed by each consolidating organization at the time of the consolidation. If a consolidating organization at the time of consolidation was acting under appointment of any court as a fiduciary, the consolidated bank is subject to removal by a court of competent jurisdiction.  (3) A consolidated bank shall file with each court or other public tribunal, agency, or officer in any state by which any of the consolidating organizations have been appointed as a fiduciary, and in the court file of each estate, suit, or any other proceeding in which any of them has been acting as a fiduciary, an affidavit setting forth the fact of consolidation, the name of each consolidating organization, the name of the consolidated bank, the location of its principal office, and the amount of its capital and surplus. This subsection does not require filing of an affidavit related to any consolidating organization that after the consolidation retains the same corporate name, charter, and principal office location.  (4) The liability of any consolidating organization or of a shareholder, director, or officer of a consolidating organization, or the rights or remedies of the creditors of, or other persons transacting business with, the consolidating organization shall not be altered or impaired as the result of a consolidation. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13704 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|Section 487.13704 - Service of Process.

487.13704 Service of process. Sec. 3704.  (1) Whether it maintains a presence in this state, a consolidated organization or any of its successors in interest is subject to service of process in a proceeding in this state for enforcement of any obligation incurred in this state by any consolidating organization that is or was a party to a consolidation.  (2) An action or proceeding by or against any of the consolidating organizations in a court or any other public tribunal of this state may be prosecuted to judgment, as if consolidation had not taken place, or the consolidated bank or consolidated organization may be substituted in the place of any consolidating organization whose existence has ceased. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13705 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|Section 487.13705 - Notice of Operation.

487.13705 Notice of operation. Sec. 3705.  (1) A consolidated bank or consolidated organization may operate all branches and principal offices located in this state of the consolidating organizations without providing the notice required by section 3711(1).  (2) A bank, out-of-state bank, national bank, association, or savings bank operating a branch in this state as the result of a consolidation shall provide notice of that operation to the commissioner within 30 days after the effective date of the consolidation. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13708 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|Section 487.13708 - Conversion of Bank Into Stock Association, Stock Savings Bank, or National Banking Association.

487.13708 Conversion of bank into stock association, stock savings bank, or national banking association. Sec. 3708.  (1) Upon the affirmative vote of the shareholders representing more than 50% of the total number of shares of each class of its outstanding capital stock, a bank may be converted under the laws of this state into a stock association or stock savings bank or under the laws of the United States into a national banking association. The conversion of a bank into a stock association, stock savings bank, or national banking association shall not release the bank from its obligations to pay and discharge either of the following:  (a) All the liabilities created by law or incurred by the bank before becoming a stock association, stock savings bank, or a national banking association.  (b) Any tax imposed by this state up to the date of its becoming a stock association, stock savings bank, or national banking association in proportion to the time that has elapsed since the last preceding payment or assessment, penalty, or forfeiture imposed or incurred up to the date of its becoming a stock association, stock savings bank, or a national banking association.  (2) A conversion shall not be made to defeat or defraud any of the creditors of the bank.  (3) A certified copy of all resolutions relating to the proposed conversion adopted by the directors and shareholders of the bank shall be submitted to the bureau. If consent or approval is required by federal law, the bank shall provide the bureau with a certified copy of consent or approval of the appropriate federal regulator to the conversion. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13709 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|Section 487.13709 - Conversion of Depository Institution.

487.13709 Conversion of depository institution. Sec. 3709.  (1) With the approval of the commissioner and upon the affirmative vote of the shareholders representing more than 50% of the total number of shares of each class of its outstanding capital stock, a national banking association, stock association, or stock savings bank doing business in this state and having capital and surplus sufficient to entitle it to become a bank under this act may be converted into a bank if the conversion is not in contravention of any laws of the United States.  (2) A depository institution converting under subsection (1) may submit articles of incorporation executed by a majority of the directors of the national banking association, stock association, or stock savings bank. A majority of the directors, after executing the articles of incorporation, shall have the power to execute all other papers and to do whatever is required to complete its organization as a bank. The shares of the bank may continue to be for the same amount as they were before the conversion, and the directors may continue to be directors of the bank until others have been elected or appointed under the laws of this state.  (3) The approval of the commissioner shall be based on an examination of the national banking association, stock association, or stock savings bank and on the action taken by its directors and shareholders with respect to the conversion. A conversion shall not be made to defeat or defraud any creditors. The commissioner may permit the converted bank to retain and carry assets of the converting national banking association, stock association, or stock savings bank which do not conform to the legal requirements relative to assets acquired and held by banks. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13712 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|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 of, the principal office of the bank or, in the case of a foreign bank, the principal office in this country.  (2) A bank, out-of-state bank, national bank, or foreign bank shall notify the commissioner in writing before discontinuing operations of a branch, foreign bank agency, or foreign bank branch. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13713 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|Section 487.13713 - Principal Office; Relocation.

487.13713 Principal office; relocation. Sec. 3713.  (1) Upon prior written notice to the commissioner, a bank may change the location of its principal office to any existing branch location of the bank within this state.  (2) Unless the commissioner objects in writing within 60 days after receipt of written notice from the bank of its intent to relocate its principal office, a 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 bank. The commissioner may issue a written statement of intent not to object at any time before expiration of the 60 days. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13714 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-7 - Part 7 Consolidation and Conversion (487.13701...487.13714)|Section 487.13714 - Branch Office in Foreign Country; Applicable Provisions.

487.13714 Branch office in foreign country; applicable provisions. Sec. 3714.  Notwithstanding section 1105 of the uniform commercial code, both of the following apply:  (a) A bank which has 1 or more branch offices in a foreign country shall be liable for contracts to be performed and for deposits to be repaid at any branch office in that foreign country to no greater extent than a 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 are considered to include all acts, decrees, regulations, and orders promulgated or enforced by a dominant authority asserting governmental, military, or police power of any kind at the place where the branch office is located, whether or not the dominant authority is recognized as a de facto or de jure government.  (b) 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 a branch office of the bank in the foreign territory is seized, destroyed, or canceled, the liability of the 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 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 bank in the foreign territory, as shown at the time by the books or other records of the bank. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13801 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-8 - Part 8 Capital (487.13801...487.13808)|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, subordinated on insolvency, liquidation, or dissolution to all obligations except obligations to shareholders, in amounts and under terms and conditions 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 bank to reserve a number of authorized and unissued shares of capital stock as shall be required for issuance in exchange for capital notes and debentures with respect to which conversion privileges exist. If capital notes, debentures, or any other instruments of indebtedness are converted into shares of common or preferred stock, a verified certificate executed by the president of the bank stating the amount of the conversion, and other information with respect to the conversion as the commissioner may require, shall be filed in the office of the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13802 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-8 - Part 8 Capital (487.13801...487.13808)|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, liquidation, and other rights, preferences, and limitations, consistent with this act as stated in the articles of incorporation of the issuing bank.  (2) If the shares are divided into 2 or more classes, the shares of each class shall be designated in a manner to distinguish them from the shares of other classes.  (3) Subject to the designations, relative rights, preferences, and limitations applicable to separate series, each share shall be equal to every other share of the same class. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13804 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-8 - Part 8 Capital (487.13801...487.13808)|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 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 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 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 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, 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 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: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13805 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-3 - Chapter 3 Bank Organization and Structure (487.13101...487.13913)|276-1999-3-8 - Part 8 Capital (487.13801...487.13808)|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 stock. A reduction shall not be made until the amount of the proposed reduction has been approved by the commissioner.  (2) The approval of the commissioner shall be based upon a finding that the security of existing creditors of the bank will not be impaired by the proposed reduction. This section does not discharge any bank from any obligation that may be due from the bank.  (3) Retirement of preferred stock in accordance with the articles of incorporation is not considered to be a reduction of capital under this section.  (4) A shareholder shall not be entitled to any distribution of cash or other assets by reason of any reduction of the common capital of any 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: 1999, Act 276, Eff. Mar. 1, 2000