reglab/housing_qa huggingface dataset:
MI Comp L § 487.3317 (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 487.3317 - Mutual Savings Bank; Meetings.

487.3317 Mutual savings bank; meetings. Sec. 317.  (1) An annual meeting of the members of a mutual savings bank shall be held at a time and place designated by or in the manner provided in the bylaws.  (2) Special meetings of the members of a mutual savings bank may be called at any time by the president or board of directors or by the president, a vice president, or the secretary upon the written request of members holding of record in the aggregate at least 10% of the savings deposits of the savings bank. The written request shall show the purposes of the meeting and shall be delivered to the principal office of the mutual savings bank addressed to the president.  (3) In the consideration of all questions requiring action by the members of a mutual savings bank, each member shall be entitled to the number of votes set forth in the savings bank's charter. The savings bank charter may provide between 1 and 1,000 votes per member and may further provide that each member shall be permitted to cast 1 vote for each $100.00, or fraction thereof, of the withdrawal value of his or her deposit account.  (4) In order that a mutual savings bank may determine the members entitled to notice of any meeting to vote, or entitled to receive a distribution or to exercise any rights in respect of any other lawful action, the board of directors of the savings bank may fix, in advance, a record date that is not more than 9 months or less than 6 months prior to the date of the meeting or more than 9 months prior to any other action. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3318 (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 487.3318 - Records.

487.3318 Records. Sec. 318.  (1) Each savings bank shall keep correct and complete books and records of accounts.  (2) Each mutual savings bank shall maintain membership records which shall show the name and address of the member and date of membership. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3319 (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 487.3319 - Savings Bank; Meetings; Voting.

487.3319 Savings bank; meetings; voting. Sec. 319.  (1) The annual meeting of the shareholders of every stock savings bank shall be held at a time and place designated by or in the manner provided in the bylaws. Special meetings of shareholders shall be called and held as provided in the bylaws of the savings bank. At any meeting, each shareholder entitled to vote shall be entitled to 1 vote for each share held by him or her. A shareholder may vote at any meeting of the savings bank by written proxy.  (2) Persons holding shares of stock of a savings bank in a fiduciary capacity are entitled to vote the shares so held, unless the trust instrument contains a provision to the contrary. Persons whose shares are pledged are entitled to vote unless in the transfer by the pledgor on the books of the savings bank he or she has expressly empowered the pledgee to vote the shares, in which case only the pledgee or his or her proxy may vote the shares.  (3) A shareholder shall not vote his or her stock in any manner except in person or by proxy. This prohibition shall not be construed to apply to any voting trust agreement of shareholders with respect to the voting of stock, which agreement has been approved by the commissioner. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3320 (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 487.3320 - Savings Bank; Meeting Notice.

487.3320 Savings bank; meeting notice. Sec. 320.  The commissioner may call a meeting of the members or shareholders of a savings bank for any purpose by giving a notice of the time, place, and purposes of this meeting at least 3 days prior to the meeting to the members or shareholders either by personal service, registered mail sent to their last known addresses as shown by the books of the savings bank, or by publication at least once a week for 4 consecutive weeks prior to the meeting. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3321 (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 487.3321 - Savings Bank; Stock Ledger; Designation of Transfer Agent or Registrar of Shares; List to Be Furnished Upon Request.

487.3321 Savings bank; stock ledger; designation of transfer agent or registrar of shares; list to be furnished upon request. Sec. 321.  (1) A stock savings bank shall keep and maintain a stock ledger in which shall be correctly entered the name and address of each shareholder of the savings bank, the number of shares held by each, the date when the shareholder acquired the shares, and the name of the transferor. The board of directors of a savings bank may designate any 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 savings bank, but a corporation shall not be designated to act in both capacities at the same time.  (2) Upon demand made by the commissioner, a savings bank shall file with the commissioner a list containing the name and address of each shareholder of the savings 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.   (3) Within 2 calendar weeks of any demand made for a purpose reasonably related to the requester'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 savings bank or by any person representing any group who are the record owners of at least 5% of the issued shares of the savings bank, the savings bank shall prepare and furnish the requester a list containing the name and address of each shareholder of the savings 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: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3323 (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 487.3323 - Oath.

487.3323 Oath. Sec. 323.  Each director prior to taking office shall take and subscribe an oath that he or she will diligently and honestly perform his or her duties and will not knowingly violate, or permit to be violated, any provisions of this act. The signed oath shall be transmitted to the commissioner. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3324 (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 487.3324 - Purchase or Sale of Securities by Director; Conditions.

487.3324 Purchase or sale of securities by director; conditions. Sec. 324.  (1) A savings bank may contract for, or purchase from, any of its directors, or from any person of which any of the savings 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 savings 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 savings 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 savings bank, the commissioner may require a full disclosure of all profits realized from the sale.  (2) A savings 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 savings bank evidenced by their affirmative vote or written assent.  (3) This section shall not be construed as authorizing savings banks to purchase or sell securities or other property that savings banks are not otherwise authorized by law to purchase or sell. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3327 (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 487.3327 - Indemnification of Director, Officer, Employee, or Agent.

487.3327 Indemnification of director, officer, employee, or agent. Sec. 327.  (1) To the extent that a director, officer, employee, or agent of a savings bank has been successful on the merits or otherwise in defense of an action, suit, or proceeding described in section 326, or in defense of any claim, issue, or matter in the action, suit, or proceeding, he or she shall be indemnified against expenses, including actual and reasonable attorneys' fees, incurred by him or her in connection with the action, suit, or proceeding and an action, suit, or proceeding brought to enforce the mandatory indemnification provided by this act.  (2) An indemnification under section 326, unless ordered by a court, shall be made by the savings bank only as authorized in the specific case upon a determination that indemnification of the director, officer, employee, or agent is proper in the circumstances because he or she has met the applicable standard of conduct set forth in section 326. This determination shall be made by any of the following:  (a) A majority vote of a quorum of the board consisting of directors who were not parties to the action, suit, or proceeding.  (b) If the quorum described in subdivision (a) is not obtainable, then by a majority vote of a committee of directors who are not parties to the action. The committee shall consist of not less than 2 disinterested directors.  (c) Independent legal counsel in a written opinion.  (d) The shareholders or members.  (3) If a person is entitled to indemnification under section 326 for a portion of expenses, including actual and reasonable attorneys' fees, judgments, penalties, fines, and amounts paid in settlement, but not for the total amount of the expenses, the savings bank may indemnify the person for the portion of the expenses, judgments, penalties, fines, or amounts paid in settlement for which the person is entitled to be indemnified. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3328 (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 487.3328 - Payment or Reimbursement of Expenses Incurred in Civil or Criminal Action, Suit, or Proceeding.

487.3328 Payment or reimbursement of expenses incurred in civil or criminal action, suit, or proceeding. Sec. 328.  A savings bank may pay or reimburse the reasonable expenses incurred by a director, officer, employee, or agent who is a party or threatened to be made a party to an action, suit, or proceeding described in this section in advance of the final disposition of the action, suit, or proceeding if all of the following apply:  (a) The person furnishes the savings bank a written affirmation of his or her good faith belief that he or she has met the applicable standard of conduct set forth in this section.  (b) The person furnishes the savings bank a written undertaking executed personally or on his or her behalf to repay the advance if it is ultimately determined that he or she did not meet the standard of conduct. The undertaking shall be by unlimited general obligation of the person on whose behalf advances are made but need not be secured.  (c) A determination is made that the facts then known to those making the determination would not preclude indemnification under this act. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3329 (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 487.3329 - Rights to Indemnification.

487.3329 Rights to indemnification. Sec. 329.  (1) The indemnification or advancement of expenses provided by or granted under this act is not exclusive of other rights to which a person seeking indemnification or advancement of expenses may be entitled under the articles of incorporation, the bylaws, or a contractual agreement. The total amount of expenses advanced or indemnified from all sources combined shall not exceed the amount of actual expenses incurred by the person seeking indemnification or advancement of expenses.  (2) The right to indemnification provided for under this act continues for a person who ceases to be a director, officer, employee, or agent and shall inure to the benefit of the heirs, executors, and administrators of the person. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3330 (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 487.3330 - Insurance; Trust Fund.

487.3330 Insurance; trust fund. Sec. 330.  (1) A savings bank has the power to purchase and maintain insurance, including insurance issued by an affiliated insurer and insurance for which premiums may be adjusted retroactively, in whole or in part, based upon claims experience, or similar arrangements.  (2) A savings bank may also create a trust fund or other form of funded arrangement on behalf of any person who is or was a director, officer, employee, or agent of the savings bank or is or was serving at the request of the savings bank as a director, officer, partner, trustee, employee, or agent of another foreign or domestic corporation, partnership, joint venture, trust, or other enterprise, whether for profit or not, against any liability asserted against him or her and incurred by him or her in any capacity or arising out of his or her status in that capacity, whether or not the savings bank has the power to indemnify him or her against the liability under sections 326 to 329. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3330a (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 487.3330a - Consolidation or Merger; Position of Director, Officer, Employee, or Agent of Depository Institution.

487.3330a Consolidation or merger; position of director, officer, employee, or agent of depository institution. Sec. 330a.  For purposes of this section and sections 326, 327, 328, 329, 330, and 332, a person who is or was a director, officer, employee, or agent of a depository institution absorbed in a consolidation or merger or is or was serving at the request of the depository institution as a director, officer, partner, trustee, employee, or agent of another depository institution, foreign or domestic corporation, partnership, joint venture, trust, or other enterprise, whether for profit or not, shall hold the same position with respect to the consolidated bank as he or she would if he or she had served the consolidated bank in that capacity. History: Add. 2000, Act 482, Imd. Eff. Jan. 11, 2001
MI Comp L § 487.3331 (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 487.3331 - Articles of Incorporation; Amendment.

487.3331 Articles of incorporation; amendment. Sec. 331.  (1) With the approval of the commissioner and by vote of a majority of members or voting shares of the savings bank, a savings bank may amend its articles of incorporation in any manner not inconsistent with this act.  (2) An amendment is effective when certified copies of the amendment in a form as the commissioner may require signed by the president or a vice president and the cashier or an assistant cashier, have been submitted to the commissioner and have been approved and filed by the commissioner as with the original articles of incorporation.  (3) Notwithstanding subsection (2), an amendment that provides solely for a change in the name of the savings bank is not subject to the approval of the commissioner and shall be effective on the date it is filed with the commissioner or at a later date specified in the amendment. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3332 (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 487.3332 - Definitions; Best Interests of Savings Bank, Shareholders, or Members.

487.3332 Definitions; best interests of savings bank, shareholders, or members. Sec. 332.  (1) As used in sections 325 to 331:  (a) "Fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan.  (b) "Other enterprise" shall include employee benefit plans.  (c) "Savings bank" includes all savings banks, banks, out-of-state banks, national banks, and associations, absorbed in a consolidation or merger and the consolidated savings bank, so that a person who is or was a director, officer, employee, or agent of the savings bank, bank, out-of-state bank, national bank, or association or is or was serving at the request of the savings bank, bank, out-of-state bank, national bank, or association as a director, officer, partner, trustee, employee, or agent of another savings bank, bank, out-of-state bank, national bank, or association, foreign or domestic corporation, partnership, joint venture, trust, or other enterprise, whether for profit or not, shall hold the same position with respect to the consolidated savings bank as he or she would if he or she had served the consolidated savings bank in that capacity.  (d) "Serving at the request of the savings bank" shall include any service as a director, officer, employee, or agent of the savings bank which imposes duties on, or involves services by, the director, officer, employee, or agent with respect to an employee benefit plan, its participants or beneficiaries.  (2) A person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be considered to have acted in a manner not opposed to the best interests of the savings bank or its shareholders or members as referred to in section 326. History: 1996, Act 354, Imd. Eff. July 1, 1996
MI Comp L § 487.3334 (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 487.3334 - Commencement of Voluntary Liquidation Procedures; Savings Bank as Body Corporate; Actions, Suits, or Proceedings Begun Prior to Liquidation Proceeding; Powers of Surviving Directors.

487.3334 Commencement of voluntary liquidation procedures; savings bank as body corporate; actions, suits, or proceedings begun prior to liquidation proceeding; powers of surviving directors. Sec. 334.  (1) Except as provided in subsection (2), a savings bank that commences voluntary liquidation proceedings under section 333 shall continue to be a body corporate for the further term of the lesser of 3 years from the commencement of the proceedings or the date the certificate is issued under section 333(8) for the purpose of prosecuting and defending actions for or against the savings bank and to enable it gradually to settle and close its affairs, to dispose of and convey its property, and to divide its assets but not for the purpose of continuing the business for which it was organized.  (2) With respect to an action, suit, or proceeding begun or commenced by or against the savings bank prior to the commencement of voluntary liquidation proceedings, and with respect to any action, suit, or proceeding begun or commenced by the savings bank within 3 years after the commencement of voluntary liquidation proceedings, the savings bank shall be continued as a body corporate until any judgments, orders, or decrees are fully executed.  (3) If the number of directors of a savings bank that has commenced voluntary liquidation proceedings is less than the full number of directors required or authorized by statute or by the bylaws of the savings bank for any reason, a majority of the remaining surviving directors or the sole surviving director shall possess the same powers in acting for the savings bank under this section as the duly authorized board of directors of the savings bank possessed before the commencement of voluntary liquidation proceedings.   (4) A savings bank in liquidation under the laws of this state shall not continue to be a body corporate for the purpose of continuing the business for which it was organized. History: 1996, Act 354, Imd. Eff. July 1, 1996 ;-- Am. 2000, Act 482, Imd. Eff. Jan. 11, 2001