reglab/housing_qa huggingface dataset:
MI Comp L § 487.13304 (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)|276-1999-3-3 - Part 3 Dissolution (487.13301...487.13307)|Section 487.13304 - “Existing Claim” and “Existing Claimant” Defined; Notice to Depositors and Creditors; Existing Claims; Effective Date of Written Notice.

487.13304 “Existing claim” and “existing claimant” defined; notice to depositors and creditors; existing claims; effective date of written notice. Sec. 3304.  (1) As used in this section:  (a) "Existing claim" means a claim or right against the bank in dissolution, liquidated, or unliquidated. It does not include a contingent liability or a claim based on an event occurring after the commencement of dissolution.  (b) "Existing claimant" means a person holding an existing claim.  (2) The board of directors of a bank in dissolution shall notify the bank's depositors and creditors in writing of the dissolution within 30 days after submitting the certificate of termination under section 3301(4). The written notice shall include all of the following:  (a) A mailing address where an existing claim can be sent.  (b) A statement that the bank in dissolution may demand sufficient information to permit it to make a reasonable judgment whether the existing claim should be accepted or rejected.  (c) The deadline, not less than 3 months from the effective date of the written notice, by which the existing claim shall be received.  (d) A statement that the existing claim will be barred if not received by the deadline.  (3) The notice under subsection (2) does not constitute an acceptance that a person to whom the notice is directed has a valid existing claim against the bank in dissolution.  (4) An existing claim against the bank in dissolution is barred if either of the following applies:  (a) The existing claimant who was given written notice under subsection (2) does not file the claim with the bank by the deadline.  (b) The existing claimant who was given written notice under subsection (2) and whose existing claim was rejected in writing by the bank in dissolution does not commence a proceeding to enforce the existing claim within 90 days from the effective date of the written notice of rejection.  (5) The effective date of the written notice under this section is the earliest of the following:  (a) The date it is received.  (b) Five days after its deposit in the United States mail as evidenced by the postmark, if it is mailed postpaid and correctly addressed.  (c) The date shown on the return receipt, if the notice is sent by registered or certified mail, return receipt requested, and the receipt is signed by or on behalf of the addressee. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13305 (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)|276-1999-3-3 - Part 3 Dissolution (487.13301...487.13307)|Section 487.13305 - “Claim” and “Claimant” Defined; Notice of Dissolution; Publication; Requirements.

487.13305 “Claim” and “claimant” defined; notice of dissolution; publication; requirements. Sec. 3305.  (1) As used in this section:  (a) "Claim" means a claim or right against the bank in dissolution, liquidated or unliquidated, of a claimant that did not receive the written notice required by section 3304.  (b) "Claimant" means a person holding a claim.  (2) The board of directors of a bank in dissolution shall publish notice of dissolution. The first notice shall be published within 30 days after submitting the certificate of termination under section 3301(4) and request that persons with claims against the bank in dissolution present them as required by the notice.  (3) The notice shall comply with all of the following:  (a) Be published once each week for 8 consecutive weeks.  (b) Describe the information to be included in a claim and provide a mailing address where the claim is to be sent.  (c) Contain a statement that the bank in dissolution may demand sufficient information to permit it to make a reasonable judgment whether the claim should be accepted or rejected.  (d) State the deadline, not less than 6 months from the last publication date, by which the claim shall be received.  (e) State that a claim against the bank in dissolution will be barred unless a proceeding to enforce the claim is commenced within 6 months after the last publication date of the notice published under this section.  (4) A claim against the bank in dissolution is barred if any of the following apply:  (a) The claimant does not deliver a claim or commence a proceeding in an appropriate court to enforce the claim against the bank in dissolution within 6 months after the last publication date of the notice published under this section.  (b) The claimant whose claim was rejected in writing by the bank in dissolution does not commence a proceeding to enforce the claim within 90 days from the effective date of the written notice of rejection.  (c) The claimant, whose claim is contingent or based on an event occurring after the commencement of dissolution, that does not deliver a claim within 6 months after the last publication date of the notice published under this section or file an action in an appropriate court to enforce the claim against the bank in dissolution before the commissioner certifying and filing the certificate of termination under section 3301(9). History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13306 (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)|276-1999-3-3 - Part 3 Dissolution (487.13301...487.13307)|Section 487.13306 - Court Supervision of Bank in Dissolution.

487.13306 Court supervision of bank in dissolution. Sec. 3306.  (1) After a bank has commenced dissolution, the commissioner, the bank in dissolution, a creditor, or a shareholder may apply to an appropriate court for an order that the affairs of the bank in dissolution and the liquidation of its assets continue under supervision of the court. The court shall make orders and judgments as may be required, including, but not limited to, continuance of the liquidation of the assets of the bank in dissolution by its liquidating agent or committee under supervision of the court, or the appointment of a receiver of the bank in dissolution to be vested with powers as the court designates to liquidate the affairs of the bank.  (2) For good cause shown, and so long as a bank in dissolution has not made complete distribution of its assets, the court may permit a creditor who has not delivered his or her claim or commenced a proceeding to enforce his or her claim within the time limits provided in sections 3304 and 3305 to file the claim or to commence a proceeding within the time as the court directs. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13307 (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)|276-1999-3-3 - Part 3 Dissolution (487.13301...487.13307)|Section 487.13307 - Debts, Obligations, and Liabilities.

487.13307 Debts, obligations, and liabilities. Sec. 3307.  (1) A bank in dissolution or its liquidating agent or committee shall act on all claims filed and notify all claimants of the action taken or to be taken on their respective claims within 6 months of the last date for filing the claims.  (2) Before making a distribution of assets to shareholders, a bank in dissolution shall pay or make provision to satisfy its debts, obligations, and liabilities. Compliance with this section requires, to the extent a reasonable estimate is possible, that provision be made to satisfy those debts, obligations, and liabilities anticipated to arise after the date the certificate of termination is filed under section 3301(9).  (3) Provision need not be made to satisfy any debt, obligation, or liability that is or is reasonably anticipated to be barred under section 3304 or 3305.  (4) The fact that the assets provided by the bank in dissolution for the satisfaction of its debts, obligations, and liabilities are insufficient to satisfy claims arising after a certificate of termination is filed under section 3301(9) shall not create a presumption that the bank in dissolution has failed to comply with this section.  (5) After payment of or adequate provision to satisfy the debts, obligations, or liabilities of the bank in dissolution has been made, the remaining assets shall be distributed to shareholders according to their respective rights and interests. The distribution may be made in cash, in kind, or both. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13401 (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)|276-1999-3-4 - Part 4 Term Extension (487.13401...487.13401)|Section 487.13401 - Expiration of Corporate Term; Extension.

487.13401 Expiration of corporate term; extension. Sec. 3401.  (1) A bank whose corporate term will expire by limitation may amend its articles to extend its corporate term for a limited period of time or in perpetuity.  (2) A bank whose term has expired, but which has not submitted a certificate of termination under section 3301 and has inadvertently continued its active business beyond the term, may adopt a resolution to amend its articles to renew its corporate existence. Notice shall be given to each shareholder of record in the manner provided in this act for the giving of notice of meetings of shareholders, and shall state that the purpose of the meeting is to vote on the renewal of corporate term. At the meeting a vote of the shareholders shall be taken on the proposed extension, which shall be adopted upon receiving the affirmative vote of holders of at least 2/3 of the outstanding shares.  (3) The officers and directors de facto of a bank whose corporate term has expired shall do and perform all acts required of officers and directors de jure with regard to calling a special meeting of the shareholders and submitting to them the question of renewing the corporate term. A bank de facto shall not be permitted to renew its corporate term unless the action is taken within 1 year after its corporate term has expired and renewal shall not relieve the bank from any penalties that may have accrued against it under law.  (4) A bank whose corporate term has been extended or renewed under this section shall be the same bank and shall have the same shareholders, directors, and officers, and 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 expiration of its corporate term. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13502 (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)|276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)|Section 487.13502 - Board of Directors; Oath.

487.13502 Board of directors; oath. Sec. 3502.  Every director when elected or appointed shall take and subscribe an oath that he or she will diligently and honestly perform the duties of the office and will not knowingly violate, or permit to be violated, any provisions of this act. The oath shall be transmitted to the commissioner for filing. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13503 (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)|276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)|Section 487.13503 - Sale or Purchase of Securities or Property.

487.13503 Sale or purchase of securities or property. Sec. 3503.  (1) A bank may contract for, or purchase from, any of its directors, or from any person of which any of the bank's directors is an officer, director, manager, owner, employee, or agent, any securities or other property, only when the purchase is made in the ordinary course of business upon terms not less favorable to the bank than those offered by others, and the purchase is authorized by a majority of the board of directors not interested in the sale of the securities or property evidenced by their affirmative vote or written assent. If a director, or person of which any director is an officer, director, manager, owner, employee, or agent, acting for or on behalf of others, sells securities or other property to a bank, the commissioner may require a full disclosure to be made of all commissions or other considerations received. If a director or person, acting in his, her, or its own behalf, sells securities or other property to the bank, the commissioner may require a full disclosure of all profits realized from the sale.  (2) A bank may sell securities or other property to any of its directors, or to an entity of which any of its directors is an officer, director, manager, owner, employee, or agent in the ordinary course of business on terms not more favorable to the director or person than those offered to others, when the sale is authorized by a majority of the board of directors of a bank evidenced by their affirmative vote or written assent.  (3) This section shall not be construed as authorizing banks to purchase or sell securities or other property that banks are not otherwise authorized by law to purchase or sell. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13504 (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)|276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)|Section 487.13504 - Discharge of Duties; Liability; Commencement of Action; Violation; Statute of Limitations.

487.13504 Discharge of duties; liability; commencement of action; violation; statute of limitations. Sec. 3504.  (1) A director or an officer of a bank shall discharge the duties of his or her position in good faith and with that degree of diligence, care, and skill that an ordinarily prudent person would exercise under similar circumstances in a like position. In discharging his or her duties, a director or an officer, when acting in good faith, may rely upon the opinion of legal counsel for the bank, upon the report of an independent appraiser selected with reasonable care by the board or by an officer of the bank, or upon financial statements of the bank certified to him or her to be correct by an officer of the bank, or as stated in a written report by an independent public or certified public accountant or firm of accountants to reflect fairly the financial condition of the bank.  (2) The articles of incorporation of a bank may provide that a director is not personally liable to the bank or its shareholders for monetary damages for a breach of the director's fiduciary duty. The provision does not eliminate or limit the liability of a director for any of the following:  (a) A breach of the director's duty of loyalty to the bank or its shareholders.  (b) Acts or omissions not in good faith or that involve intentional misconduct or knowing violation of law.  (c) A violation of section 2312.  (d) A transaction from which the director derived an improper personal benefit.  (3) An action against a director or officer for failure to perform the duties imposed by this section shall be commenced within 3 years after the cause of action has accrued, or within 2 years after the time when the cause of action is discovered, or should reasonably have been discovered, by the complainant, whichever occurs first.  (4) If a director or officer of a bank knowingly violates, or knowingly permits any of the agents, officers, directors, or employees of the bank to violate, this act, rules promulgated under this act, or an order or declaratory ruling of the commissioner, every director and officer who participated in or assented to the violation shall be held liable in his or her personal and individual capacity for all damages that the bank, any shareholder, or any other person sustains as a result of the violation. An action to recover damages under this section shall be brought within 3 years from the time of the violation. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13505 (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)|276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)|Section 487.13505 - Removal of Director.

487.13505 Removal of director. Sec. 3505.  (1) The shareholders may remove 1 or more directors with or without cause unless the articles provide that directors may be removed only for cause. The vote for removal shall be by a majority of shares entitled to vote at an election of directors, except that the articles may require a higher vote for removal without cause. This section shall not invalidate any bylaw adopted before the effective date of this act that applies to removal without cause.  (2) In the case of a bank having cumulative voting, if less than the entire board is to be removed, a director shall not be removed if the votes cast against his or her removal would be sufficient to elect him or her if then cumulatively voted at an election of the entire board of directors, or, if there are classes of directors, at an election of the class of directors of which he or she is a part.  (3) If holders of a class or series of stock are entitled by the articles to elect 1 or more directors, this section applies, with respect to removal of a director so elected, to the vote of the holders of the outstanding shares of that class or series of stock. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13506 (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)|276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)|Section 487.13506 - Sale of Stock or Securities; Officer or Employee as Agent Prohibited.

487.13506 Sale of stock or securities; officer or employee as agent prohibited. Sec. 3506.  An officer or employee of any bank, in his or her individual capacity, shall not act as agent in the sale of stock or other securities to any person or receive directly or indirectly any consideration or commission resulting from the sale of stock or other securities by others to the bank by which he or she is employed. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13507 (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)|276-1999-3-5 - Part 5 Officers and Directors (487.13501...487.13507)|Section 487.13507 - Procurement of Loan; Receipt of Gratuity or Consideration Prohibited.

487.13507 Procurement of loan; receipt of gratuity or consideration prohibited. Sec. 3507.  An officer, director, or employee of a bank shall not receive, or consent, or agree to receive from a customer of the bank any consideration or gratuity in return for the procurement of a loan or other service from the bank. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13601 (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 487.13601 - Meeting of Shareholders.

487.13601 Meeting of shareholders. Sec. 3601.  (1) The annual meeting of the shareholders of every bank shall be held on the day in each year that is provided in the bylaws of the bank. Special meetings of shareholders shall be called and held as provided in the bylaws of the bank.  (2) At any meeting, each shareholder entitled to vote shall be entitled to 1 vote for each share held by the shareholder. A shareholder may vote at any meeting of the bank by proxy in writing signed by the shareholder.  (3) A bank may provide in the initial articles of incorporation or by amendment to the articles by a vote of shareholders owning a majority of the total number of shares of each class of its outstanding capital stock, that in an election of directors each shareholder may cast as many votes as the number of shares owned by the shareholder multiplied by the number of directors to be elected. In the shareholder's discretion, the shareholder may distribute his or her total number of votes cumulatively for 1 or more of the candidates.  (4) A person holding shares of the capital stock of a bank in a fiduciary capacity shall be entitled to vote the shares unless otherwise provided in the trust instrument. A person whose shares are pledged shall be entitled to vote unless the pledgor has expressly empowered the pledgee to vote the shares and the pledge of the stock and the empowerment to vote are recorded by the issuing bank or its agent, in which case only the pledgee or his or her proxy may vote the shares.  (5) A shareholder shall have the right to vote in person or by proxy, except that a bank shall not vote shares it holds under section 3804(4) or 4304(4). History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13602 (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 487.13602 - Meeting Called by Commissioner.

487.13602 Meeting called by commissioner. Sec. 3602.  The commissioner may call a meeting of the shareholders of any bank by giving at least 3 days' notice of the time, place, and purposes of the meeting to the shareholders by registered or certified mail sent to their last known addresses as shown on the records of the bank or by another appropriate method reasonably designed to provide adequate notice. History: 1999, Act 276, Eff. Mar. 1, 2000