reglab/housing_qa huggingface dataset:
MI Comp L § 487.12408 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12408 - Deposits Received While Bank in Conservatorship.

487.12408 Deposits received while bank in conservatorship. Sec. 2408.  (1) While a bank is in conservatorship, the commissioner may require the conservator to set aside and make available for withdrawal by depositors and payment to other creditors, on a ratable basis, amounts that in the opinion of the commissioner may be used safely for this purpose.  (2) The commissioner may permit the conservator to receive deposits.  (3) Deposits received while the bank is in conservatorship shall not be subject to any limitation as to payment or withdrawal. The deposits and any new assets acquired on account of the deposits shall be segregated and held especially for the new deposits and shall not be used to liquidate any indebtedness of the bank existing at the time that a conservator was appointed for it or any subsequent indebtedness incurred for the purpose of liquidating any indebtedness of the bank existing at the time the conservator was appointed.  (4) The requirements of subsection (3) shall remain in effect not more than 15 days following the date that the conservator returns control of the bank to its board of directors.  (5) Deposits received while the bank is in conservatorship shall be kept in cash, invested in the direct obligations of the United States, or deposited in depository institutions designated by the commissioner.  (6) Before returning control of the bank to its board of directors, the conservator shall publish a notice in form approved by the commissioner, stating the date on which the affairs of the bank will be returned to its board of directors and that the provisions of subsection (3) will not be in effect after 15 days from that date. The conservator shall send a copy of the notice to every person who deposited money in the bank after the appointment of the conservator and before the time when control of the bank is returned to its directors. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12409 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12409 - Authority of Conservator to Borrow Money; Purpose.

487.12409 Authority of conservator to borrow money; purpose. Sec. 2409.  With the prior approval of the commissioner, the conservator of a bank may borrow money as necessary or expedient in aiding the operation, reorganization, or liquidation of the bank, including the payment of liquidating dividends, and may secure the loans by the pledge, hypothecation, or mortgage of the assets of the bank. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.12410 (2021)
2021 Michigan Compiled Laws|Chapter 487 - Financial Institutions|Act 276 of 1999 - Banking Code of 1999 (487.11101 - 487.15105)|276-1999-2 - Chapter 2 Financial Institutions Bureau (487.12101...487.12410)|276-1999-2-4 - Part 4 Receiverships and Conservatorships (487.12401...487.12410)|Section 487.12410 - Termination of Conservatorship.

487.12410 Termination of conservatorship. Sec. 2410.  (1) If satisfied that it may be done safely and that it would be in the public interest, the commissioner may terminate a conservatorship and permit the bank to resume the transaction of its business subject to terms, conditions, restrictions, and limitations as he or she may prescribe.  (2) If the commissioner determines that it would be in the public interest, the commissioner may terminate a conservatorship and apply for the appointment of a receiver for the bank as provided in section 2402. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13101 (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)|276-1999-3-1 - Part 1 Formation (487.13101...487.13108)|Section 487.13101 - Bank Organization Generally.

487.13101 Bank organization generally. Sec. 3101.  Not less than 5 natural persons, a majority of whom are residents of this state and citizens of the United States or its territories or possessions, or a bank holding company, may file an application to organize a bank under this act. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13102 (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)|276-1999-3-1 - Part 1 Formation (487.13101...487.13108)|Section 487.13102 - Bank Organization; Application.

487.13102 Bank organization; application. Sec. 3102.  (1) An application to organize a bank under this act shall be in the form prescribed by the commissioner and shall set forth information as the commissioner may require.  (2) The commissioner shall examine the information and statements contained in the application and make any other investigation as to the persons, conditions, and circumstances surrounding, affecting, or pertaining to the organization of the bank, as is necessary to satisfy the commissioner as to all of the following:  (a) Whether the character, responsibility, and fitness of the incorporators, and of the proposed directors and officers, and their motives in seeking to organize the bank are such as to command the confidence of the community and to warrant the belief that the business of the proposed bank will be honestly and efficiently conducted.  (b) Whether the convenience and needs of the public will be served by the proposed bank.  (c) The likelihood of successful operation of the proposed bank, giving consideration to, but not limited to, both of the following:  (i) Economic and demographic characteristics of the area primarily to be served by the bank.  (ii) The competition offered by existing banks and other financial services providers.  (d) Whether the capital structure of the proposed bank is adequate for the conduct of its business. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13103 (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)|276-1999-3-1 - Part 1 Formation (487.13101...487.13108)|Section 487.13103 - Organization of Depository Institutions Generally.

487.13103 Organization of depository institutions generally. Sec. 3103.  (1) Any number of depository institutions may apply to organize a bank exclusively to serve depository institutions or their officers, directors, employees, and affiliates.  (2) Any number of depository institutions may apply to organize a 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 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 bank. The commissioner shall issue to the applicants, within the time period provided in section 2302, written notice of approval or disapproval of the application.  (5) A depository institution organized under this section is not subject to the provisions of section 3102, but shall comply with all other provisions of the act.  (6) The shares of stock of a 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: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13104 (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)|276-1999-3-1 - Part 1 Formation (487.13101...487.13108)|Section 487.13104 - Expenses of Incorporators; Reimbursement.

487.13104 Expenses of incorporators; reimbursement. Sec. 3104.  (1) Following the date authorized by the commissioner for the bank to commence business, a bank and its incorporators may jointly request permission from the commissioner for the bank to reimburse the incorporators for the incorporators' reasonable and necessary organizational expenses.  (2) A joint request by a bank and its incorporators shall include an accounting of the funds expended by the incorporators which shall be prepared by an independent certified public accountant in accordance with generally accepted accounting principles.  (3) If the commissioner determines that the accounting of funds expended is substantially similar to the amount disclosed in the application as estimated expenses of organization, the commissioner may authorize the bank to reimburse the incorporators.  (4) The commissioner may waive the requirements of this section if the expenses of organizing a bank will be paid by a bank holding company. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13105 (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)|276-1999-3-1 - Part 1 Formation (487.13101...487.13108)|Section 487.13105 - Bank as Body Corporate; Authorization.

487.13105 Bank as body corporate; authorization. Sec. 3105.  If the commissioner approves the articles of incorporation as required by this act, the bank shall become a body corporate. A bank shall not transact any business, except as is incidental and necessarily preliminary to its organization, until it has been authorized by the commissioner to commence the business of banking. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13106 (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)|276-1999-3-1 - Part 1 Formation (487.13101...487.13108)|Section 487.13106 - Commencement of Business.

487.13106 Commencement of business. Sec. 3106.  (1) Within 30 days after the approval of its articles of incorporation, or a later time not to exceed 1 year as approved by the commissioner, the bank shall notify the commissioner that all of its capital and surplus has been fully paid in and that it has complied with all of the required provisions of this act necessary to be authorized to commence the business of banking.  (2) The commissioner shall make examinations as he or she considers necessary to verify the conditions set forth in subsection (1), and if it appears that the bank is lawfully entitled to commence business, the commissioner, within 30 days after receiving the notice provided for in this section, shall give to the bank a certificate under the official seal of the bureau that the bank has complied with all of the required provisions and is authorized to commence business.  (3) The application is considered abandoned and of no further effect if the bank fails to furnish the notice provided for in this section within the specified time or fails to comply with the required provisions within the period of time determined by the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13107 (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)|276-1999-3-1 - Part 1 Formation (487.13101...487.13108)|Section 487.13107 - Organization Meeting; Notice.

487.13107 Organization meeting; notice. Sec. 3107.  The organizational meeting of every bank shall be called by a notice designating the time and place of the meeting and stating the purpose for which the meeting is called. The notice shall be served personally 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 organizational meeting. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13108 (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)|276-1999-3-1 - Part 1 Formation (487.13101...487.13108)|Section 487.13108 - Capital Adequacy; Requirements.

487.13108 Capital adequacy; requirements. Sec. 3108.  (1) A bank organized under this act shall have capital in an amount the commissioner considers adequate to conduct its business.  (2) A bank shall not be authorized to commence business until it has surplus at least equal to 20% of its capital.  (3) After organization, each bank shall maintain an adequate capital structure appropriate to conduct its business and the protection of its depositors. The capital adequacy of a 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, and its risk management, with due regard to the bank's capacity to furnish the broadest service to the public.  (4) At all times a bank shall maintain surplus in an amount equal to at least the amount of its capital, except as provided in subsection (2) and except as provided in section 3806, and shall not reduce surplus without the approval of the commissioner. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13201 (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)|276-1999-3-2 - Part 2 Articles of Incorporation (487.13201...487.13203)|Section 487.13201 - Articles of Incorporation; Approval Generally.

487.13201 Articles of incorporation; approval generally. Sec. 3201.  (1) Upon approval of the application under section 3103 by the commissioner, at least 2 original articles of incorporation, executed by the incorporators, shall be submitted to the commissioner. The commissioner shall approve the articles if the articles conform to law. One of the original articles will be retained for the bureau's records and 1 of the original articles will be forwarded to the incorporators.  (2) Before approving, certifying, and distributing the articles of incorporation, the incorporators shall furnish evidence to the commissioner 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 this requirement.  (3) Approval of articles of incorporation by the commissioner under this act does not indemnify the bank against claims for the improper use of the bank name stated in the articles. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13202 (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)|276-1999-3-2 - Part 2 Articles of Incorporation (487.13201...487.13203)|Section 487.13202 - Articles of Incorporation; Contents.

487.13202 Articles of incorporation; contents. Sec. 3202.  (1) The articles of incorporation shall specify all of the following:  (a) The name of the bank.  (b) The county and the city, village, or township where the principal office of the bank is to be located.  (c) The purpose or purposes of incorporation as provided in this act.  (d) The authorized number of shares of its capital stock, and 1 of the following:  (i) If the bank is to be authorized to issue only 1 class of stock, the total number of shares of stock that the bank may issue and the par value of each share.  (ii) If the bank is to be authorized to issue more than 1 class of stock, a statement of the total number of shares of all classes of stock that the bank may issue, the number of shares of each class, the par value of each share of each class, and a statement of all designations, powers, preferences, and rights and the qualifications, limitations, and restrictions of each class.  (e) The names of the incorporators.  (f) The period for which the bank is organized, which may be in perpetuity.  (g) That shareholders of the bank may be assessed a capital deficiency payment and that if such assessment is not paid the directors may sell any or all of the shares owned by the shareholder to satisfy the assessment.  (h) Any other provisions consistent with the laws of this state for regulating the business of banking and for the conduct of the affairs of the bank.  (2) Articles approved by the commissioner before the effective date of this act are considered to be in compliance with this section. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13203 (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)|276-1999-3-2 - Part 2 Articles of Incorporation (487.13201...487.13203)|Section 487.13203 - Articles of Incorporation; Amendments.

487.13203 Articles of incorporation; amendments. Sec. 3203.  (1) With the approval of the commissioner, and by vote of shareholders owning a majority of voting shares of the bank, a bank may amend its articles of incorporation in any manner not inconsistent with this act. An amendment, signed by an authorized officer or officers of the bank, shall be effective when approved by the commissioner.  (2) Notwithstanding subsection (1), an amendment that provides solely for a change in the name of the bank is not subject to the approval of the commissioner and shall be effective on the date it is received by the commissioner or at a later date specified by the bank. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13302 (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 487.13302 - Bank in Dissolution as Body Corporate.

487.13302 Bank in dissolution as body corporate. Sec. 3302.  (1) A bank that begins dissolution under section 3301 shall continue to be a body corporate until the commissioner certifies and files the certificate of termination under section 3301(9) for all of the following:  (a) Prosecuting and defending actions for or against the bank.  (b) Disposing of and conveying the bank's property.  (c) Dividing the bank's assets.  (d) Gradually settling and closing its affairs.  (2) Subject to section 3401, a bank in dissolution shall not continue to be a body corporate for the purpose of continuing the business for which it was organized.  (3) An action, suit, or proceeding commenced by or against the bank in dissolution must be commenced before the filing of the certificate of termination under section 3301(9).  (4) If the number of directors of a bank in dissolution is less than the full number of directors required or authorized by statute or by the bylaws of the bank, a majority of the remaining directors or the sole remaining director shall possess the same powers in acting for the bank in dissolution under this act as the duly authorized board of directors of the bank possessed before the commencement of dissolution. History: 1999, Act 276, Eff. Mar. 1, 2000
MI Comp L § 487.13303 (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 487.13303 - Bank in Dissolution; Function of Officers, Directors, and Shareholders.

487.13303 Bank in dissolution; function of officers, directors, and shareholders. Sec. 3303.  (1) Subject to section 3302 or as otherwise provided by the commissioner, a bank in dissolution, it officers, directors, and shareholders shall continue to function in the same manner as if dissolution had not occurred.  (2) The directors of the bank in dissolution are not considered to be trustees of its assets and shall be held to no greater standard of conduct than that prescribed by section 3504.  (3) Title to the assets of a bank in dissolution remains in the bank until transferred.  (4) The dissolution of the bank does not change quorum or voting requirements for the board or shareholders, and does not alter provisions regarding election, appointment, resignation, or removal of, or filling vacancies among, directors or officers, or provisions regarding amendment or repeal of bylaws or adoption of new bylaws.  (5) Shares of the stock of a bank in dissolution may be transferred.  (6) The bank in dissolution may sue and be sued in its corporate name and process may issue by and against the bank in dissolution in the same manner as if dissolution had not occurred.  (7) An action brought against the bank before the commencement of its dissolution is not limited or affected because of the dissolution. History: 1999, Act 276, Eff. Mar. 1, 2000