487.13103 Organization of depository institutions generally.

227 words·~1 min read·/mi/chapter-487/487-13103

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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